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Government to play in water market
27 Feb 2008
The federal government plans to spend $50 million over the next four months buying back water licences from irrigators in the Murray-Darling Basin. The Climate Change and Water Minister, Penny Wong, said that irrigators who want to sell will be invited to submit an offer to the government at a fair market price, calling the move "a downpayment on the future of the Murray". This is the first time that the government has entered the water market and traders have warned that it was likely to push up water prices. The Murray-Darling Basin Commission will also seek licences for 50 gigalitres of water this year following a pilot program to buy 20 gigalitres which was oversubscribed.
The Australian Financial Review, 27/2/2008
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