Water Week

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Turnbull announces government funding of $1.25 million to support development of first cash to water markets to group in own electorate

Posted by waterweek on 28 September 2007

Minister for the Environment and Water Resources Malcolm Turnbull in a report entitled “Support for Water Markets” announced on 6 September 2007 government assistance to the formation of water markets.

Speedy reforms: “Given that about 80 per cent of trades are assisted by intermediaries, their conduct is critical to the continued expansion of water markets,” Turnbull said. The report noted the protection provided by existing consumer protection legislation was adequate but recommended measures to improve confidence in intermediaries including accelerating market reforms and streamlining trade practices.

$1.25m grant: The findings of the report would inform governments as they considered what action should be taken to improve water markets under the umbrella of the Natural Resource Management Ministerial Council. “I am also delighted to announce funding of $1.25 million from the Australian Government’s Raising National Water Standards programme for a package of projects to assist with the operation of efficient water markets,” Turnbull said. “One early project will support the Australian Private Irrigation Entities (the Bondi Group) to develop a water entitlement register for national irrigation corporations to provide an online, guaranteed and publicly-searchable record of all water entitlements issued by participating water companies and any encumbrances on those entitlements,” he said.

Information available:The “Improving market confidence in water intermediaries” report and further information on Raising National Water Standards funding is available from the National Water Commission website at http://www.nwc.gov.au

Reference: Malcolm Turnbull, Minister for the Environment and Water Resources. Media Contact: Melissa Chrisostomos, Phone: 02 6277 7640 or 0411 294 869, “Support for water markets”, 6 September 2007.

Erisk Net, 23/9/2007

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