Tuesday 5 April 2022
Last week’s Budget announcements provided some big wins for new dam developments in Northern NSW and QLD and a dam disappointment for much anticipated water market regulatory reforms.
The Budget set aside $6.9 billion towards dam and pipeline upgrades in Queensland and northern NSW, one of the largest new dam infrastructure investments our federal government has committed to in the last 38 years. However, very little new funding has been set aside for other water related initiatives and completing the unfinished business of our National Water Initiative.
Waterfind’s Chief Executive Officer, Tom Rooney, said that “The $6.9 billion investment is one of the largest, if not the largest investment in water infrastructure in recent memory, which will provide great opportunity and job security in those areas.”
“It has been deficient however in addressing projects and funding required to meet the fast-approaching June 2024 deadline for meeting water recovery targets in the Basin Plan as well as addressing the much-anticipated reforms to our nations Water Market Infrastructure which is now playing a critical role in improving our resilience and adaptability to climate change and regional economic growth." Mr. Rooney said
Despite the Federal budget not committing as much as we would have hoped for regarding the Basin and water market reforms, Waterfind has launched its Australian Water Tender (click here to view) which aims to bring together market participants across the nation to secure their financial and water needs, in a secure, quality assured and audited non-government program, which we hope provides some inspiration to the Australian Government as a pathway forward. Waterfind’s full report and analysis of the Federal Government Budget (from a Water viewpoint) is available free of charge pending our federal election.