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