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License buyback will take time to yield water
23 May 2008
The federal government is buying licenses for 35 billion litres of water at a cost of $50 million, but as most will be "low security" there is unlikely to be any benefit in drought years. Only one quarter of the licenses are the more expensive high security type and so more likely to deliver water into the Murray-Darling system. Climate Change and Water Minister Penny Wong said the deal means that the Murray River will get a greater share as more water becomes available and that it was an important first step in restoring the river's health. The average price across the whole tender was around $1430 per megalitre. Farmers in irrigation districts have complained of a lack of transparency in the process, saying that no one knows where the government is buying, what they are buying and why.
The Australian Financial Review, 23/5/2008
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