Home | 
Media Release: Federal Budget Fell On Sodden Ground When It Came To Water Market Reform


Media Release: Federal Budget Fell On Sodden Ground When It Came To Water Market Reform

After great efforts invested by many to support the ACCC inquiry into water markets, the federal budget only highlighted one initiative in response to this inquiry.

The $3.5 million allocated to this initiative will be used to establish an expert panel to support the development of a water market reform roadmap for making improvements including the governance of basin water markets, market integrity and conduct, trade processing and market information. Australian water market operator and long-term advocate of water market regulation, Tom Rooney, CEO of Waterfind Australia, said that the funds fell well short of the type of funding required for real reform in the industry.

“It appears that no additional funding has been allocated in the budget in the next 5 years to assist with the implementation of any of the reforms recommended by the ACCC,” said Mr Rooney.

“It would also appear that any recommendations found by the new expert panel for further improvements are not supported by any future government funding and as such, are unlikely to be implemented.”

“Regional irrigation communities and farming businesses who dedicated resources and eagerly awaited the ACCC response into the water markets inquiry, are most likely to be disappointed with the lack of support by government to fund, or seriously explore, the recommendations provided by the ACCC.”

It was however, pleasing to see government commitment for achieving the National Farmers Federation $100 billion farmgate outcome, which Waterfind supports by providing an Australian owned water market platform to enable water movement for increasing the wealth of regional Australia.

Related News & Updates

Subscribe to Newsletter
New Goulburn to Murray Trade Rules
On Wednesday 15 June, The Minister for Water Lisa Neville announced the new permanent trade and operating rules for the Goulburn to Murray. The goal is to keep flows lower over summer and autumn, while not increasing delivery risk for irrigators. These rules will come into effect from 1 July 2022. Waterfind has summarised the
Read more
Australian Water Tender: Week 10 Summary
Week 10, the final week of the Australian Water Tender, has now finished. A total of 5 trades have been made this week in the Australian Water Tender for an aggregated volume of approximately 62 ML and a combined value of over $260,000. This was largely thanks to trading in the Hunter Valley and Border Rivers Region. Below
Read more
Australian Water Tender: Week 9 Summary
Week 9, the penultimate week of the Australian Water Tender, has now finished. A total of 3 trades have been made this week in the Australian Water Tender for an aggregated volume of approximately 248 ML and a combined value of over $1.01 million. This was largely thanks to trading in the South Australian Murray Class 3 market.
Read more
Australian Water Tender: Week 8 Summary
1/06/2022 Week 8 of the Australian Water Tender has now finished. A total of 9 trades have been made this week in the Australian Water Tender for an aggregated volume of approximately 358.5ML and a combined value of over $2.6 million. This was largely thanks to trading in the Murrumbidgee High Security and Zone 7 Victorian Murray High
Read more
1 2 3 4

Contact a Water Market Specialist today to discuss your water requirements or trade online 24/7 on our live Water Market.

Register for Water market
crosscross-circle