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Restoring Our Rivers: Northern Basin EOI - Waterfind Australia
Media Release • February 2026 Update

Commonwealth Water Purchasing Expands to the Northern Basin

The Australian Government's Voluntary Water Purchase Program moves beyond the southern connected system for the first time, with a new Expression of Interest process targeting Northern Murray–Darling Basin catchments.

2 March 2026

To express your interest in the program click here ↓

In February 2026, the Minister approved the Department of Climate Change, Energy, the Environment and Water (DCCEEW) to commence an Expression of Interest process in the Northern Murray–Darling Basin—the first formal step in expanding the Voluntary Water Purchase Program beyond the southern connected system.

What Has Changed?

DCCEEW's updated Restoring Our Rivers trading strategy confirms a Northern Basin EOI will open in March 2026, targeting surface water rights across multiple regulated and unregulated catchments. This follows the MDBA's September 2025 Water Recovery Program advice, which identified strong potential for contributing to the 450 GL target—particularly through improved river and floodplain connectivity.

The EOI is not the commencement of a purchase program. Interested sellers must participate in the EOI to be eligible for any subsequent tender stages. Any decision to proceed with purchasing requires separate Ministerial approval following consideration of social and economic impacts under Section 86ADB of the Water Act 2007.


Northern Basin EOI – Catchment Scope

The EOI will cover water rights across the following catchments, guided by the MDBA's connectivity and environmental outcomes framework:

Regulated Water Rights

  • Macquarie (NSW)
  • Namoi (NSW)
  • Gwydir (NSW)
  • NSW & QLD Border Rivers

Unregulated & Other

  • NSW Barwon–Darling (unregulated)
  • QLD Condamine–Balonne *
  • NSW Intersecting Streams *
* Note: Given the diversity of access locations and conditions across the Condamine–Balonne and Intersecting Streams, any future tender activity in these catchments will depend on whether offered volumes can deliver relevant connectivity outcomes.

Key Implications for Water Market Participants

🫵

Northern Participants

The EOI opens a formal pathway for Commonwealth purchasing in catchments that have historically seen limited institutional buying. This could reshape price expectations, liquidity and market dynamics in the Macquarie, Namoi, Gwydir, Border Rivers and Barwon–Darling.

📈

Southern Markets

Ongoing purchasing under EOI 1 and EOI 2 continues, with the total approved limit expanded to 300 GL in November 2025. Southern entitlement markets will continue to see sustained Commonwealth demand through 2026.

2027 Deadline Pressure

Full Basin Plan implementation requires 450 GL environmental water by 2027. With multiple purchasing fronts now active simultaneously, the pace of recovery is set to accelerate—concentrating market activity into a narrowing window.

👥

Engage Proactively

Whether you intend to sell or not, understanding the Government's purchasing strategy and its effect on your water assets is essential to informed decision-making and portfolio management.


"In the Northern Basin, Commonwealth EOI participants have the opportunity to learn from a similar process that occurred in the Southern Basin, where a Commonwealth EOI was experienced for the first time at the end of 2024. Amongst some of the lessons we have learned is that participants that engage in lodging an EOI are provided a unique opportunity to submit a water offer in a limited tender that precedes the EOI. We are therefore encouraging water holders who may want a future option to sell entitlement to the Commonwealth in the months or years ahead to be involved with this program – as it keeps your options open to engage with Australia's biggest water buyer who is often at the leading edge of market price"

Tom Rooney — Managing Director, Waterfind

Current Program Status Summary

Program Scope Status
2024 Selected Catchments Open Tender Up to 70 GL (NSW, VIC, SA) Finalised Aug 2025
EOI 1: Remaining Southern Catchments Part of expanded 300 GL limit Ongoing
EOI 2: Large Portfolios (≥20 GL) Part of expanded 300 GL limit Ongoing
Northern Basin EOI Multiple catchments (regulated & unregulated) Opening March 2026

Source: DCCEEW Restoring Our Rivers Trading Strategy, February 2026


Program Timeline

Jul – Sep 2024
Selected Catchments Open Tender
Up to 70 GL from selected NSW, VIC and SA catchments. Purchasing finalised August 2025.
Sep – Nov 2024
Southern Basin EOIs Launched
EOI 1 (remaining southern catchments) and EOI 2 (large portfolios ≥20 GL) opened for responses.
Feb 2025
EOI 2 Purchasing Commences
Initial program approved to purchase up to 100 GL from large portfolios.
Nov 2025
Southern Limit Expanded to 300 GL
Minister approved a further 130 GL under EOIs 1 and 2. Purchasing under both EOIs ongoing.
Feb 2026
Northern Basin EOI Approved
Minister approved DCCEEW to commence EOI process in the Northern Basin.
Mar 2026
Northern Basin EOI Opens
EOI opens for Northern Basin surface water across regulated and unregulated catchments.
2027
Basin Plan Target Deadline
Legislative deadline for the return of 450 GL of additional environmental water.

"As we enter the twilight period of what has been a Commonwealth 20 year water market engagement, I am encouraging all water market participants in the target areas to review their water entitlement portfolios and future water use plans. While we have experienced an unprecedented compounding growth in water right values over the last 2 decades, their has been times of stabilisation and even limited decline in value for certain water rights over this period. These declines have often been correlated with the Commonwealth exiting interest in that water security class for a lengthy period of time. For water right holders considering a future sell position it is worthy to note that the Commonwealth is legislated to finish their water recovery targets within the next 21 months. As a farmer, which I was in my earlier years, I wanted to keep all my options open to maximise my total farm value, participating in these types of programs is doing just that and as such I therefore encourage."

Tom Rooney — Managing Director, Waterfind

Express Your Interest

Want to stay informed about the Northern Basin EOI process or discuss how it may affect your water portfolio? Complete the form below and a member of the Waterfind team will be in touch.

Northern Basin EOI Feb 2026 ["93"]
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