Yes you are reading it right, we have in 'possession limits' not catch limits as such (ie how many are on the esky on the boat) however in reality i don't think fisheries inspectors they are driving back to your place to check what is in the fridge so your right as long as you don't have any more than your in possession limit in your esky. I assume these rules are as such and make sense when people go away camping to the islands to do beach fishing etc, instead of hauling 20 tailor a day into the esky they are restricted to 20 in possession (unless on frazer for 72 hours or more then its 30)
Cheers Chris