Seafood products sourced from Illegal, Unreported and Unregulated (IUU) fishing infiltrate supply chains and enter domestic and international markets, with global estimates ranging between 8 and 14 million tonnes annually. Australia imports 65% of its seafood and some of its main trade partners are countries at high risk for IUU sourced production. Yet there is little information on how imported IUU products could impact Australia’s domestic seafood market. We present a simulation model to assess the impact of imports from IUU origins on the prices of domestically produced seafood in Australia. We use previously estimated price flexibilities (i.e., the sensitivities between prices and quantities supplied) and import reduction scenarios from key fishing regions to explore the economic influence of IUU imports on Australia’s seafood sector. Our findings offer a baseline for discussion about policy changes that restrict the import of IUU seafood into Australia.