ࡱ> !` Objbj\\ P>>}F}    $ H+H+H+8+,l$ ee|,,,,,<0<0<0ddddddd$yghiHd 4/^8044d ,,2d.~;~;~;4 R, ,d~;4d~;~;X]d " `,p, >׭+52^"d)<ee^)j7r)jD``)j a<0>1;12<<0<0<0dd9h<0<0<0ee4444$ $ $ $H+$ $ $ H+$ $ $      Foreword The Victorian Farmers Federation is Australias largest state farmer organisation, and the only recognised, consistent voice on issues affecting rural Victoria. The VFF represents 19,000 farmer members, representing 15,000 farm enterprises. The VFF consists of an elected Board of Directors, a member representative Policy Council to set policy and eight commodity groups representing dairy, grains, livestock, horticulture, chicken meat, pigs, flowers and egg industries. Farmers are elected by their peers to direct each of the commodity groups and are supported by Melbourne-based staff. Each VFF member is represented locally by one of the 230 VFF branches across the state and through their commodity representatives at local, district, state and national levels. The VFF also represents farmers views on hundreds of industry and government forums.  EMBED Imaging.Document  Simon Ramsay President I. Introduction The VFF welcomes the opportunity to comment on the Australian Competition and Consumer Commission (ԭ) position paper on water market rules. The VFF notes that this position paper follows the ԭ issues paper on water market rules. The Minister for Climate Change and Water announced on July 25, a revised timeline for developing the water market and water charge rules for the Murray-Darling Basin (MDB) to allow more stakeholder input. Final ԭ advice on water market rules will be provided to the Federal Water Minister in December 2008. The VFF also notes that development of water trading rules will be managed through separate consultation processes and are not the subject of this paper. The VFF supports ԭ having an enhanced role in water market rules, to ensure efficient and transparent water markets in the Basin. Water is such an important resource to the ongoing viability of agriculture and regional communities. The VFF strongly supports mechanisms like the 4% limit on permanent trade out of an irrigation district and termination fees, not only to ensure that rural adjustment resulting from movements of water occurs at a manageable pace but to also guarantee that farmers not selling their water and wanting to continue farming are not faced with stranded assets and increased costs. Demand for food is not negotiable. The MDB is Australia's most important agricultural region, it accounts for nearly half the nation's gross value of agricultural production. The Basin contains 72% of Australia's total area of irrigated crops and pastures. The value of irrigated production from the Basin is worth $4 billion at the farm gate, with an estimated four fold multiplier in value through processing. Beyond the farm gate the Basin's economic value is in excess of $16 billion. The VFF has a number of specific observations on the position paper. They relate to areas the VFF believe need further exploration and attention. II. Transformation and/or trade of water rights : The ԭ position paper proposes rules to improve transformation and/or trading processes and outcomes. The rules would: require operators to do all things necessary to facilitate transformation and/or trade and prevent operators from unduly preventing or delaying these arrangements require operators to establish clear terms and conditions for transformation and/or trade, and make these readily available to irrigators establish consultation processes for changing the terms and conditions of transformation and/or trade establish processes for assessing transformation and/or trade requests, including timeframes for responding to requests link operator administrative fees and charges for processing a transformation and/or trade application to costs incurred by the operator. The VFF supports the proposed rules and the ԭ preliminary positions enabling transformation and/or trade of water rights. Transformation process has been facilitated by the unbundling of Victorias water entitlement framework and the VFF supports similar reforms adopted across the southern Murray-Darling Basin. This would form the basis of a robust and transparent set of property rights that would provide clarity to water users and ensure that the potential gains from water trade are realized. The VFF has maintained that time limits be imposed on operators for completing trade actions (upon receipt of a correctly completed application) to ensure the timely processing of transformation and/or trading applications. III. Restrictions on transformation and trade: The ԭ position paper proposes the following as a general prohibition on restrictions on transformation and/or trade: Prohibited restrictions on trade and/or transformation that may be imposed by operators include but are not limited to: Any fees or charges levied on the transformation and/or trade of a water access entitlement except where the fee is an administrative fee or charge for processing a transformation and/or trade, calculated in accordance with the water market rules, or is a regulated water charge as defined under the Act. The VFF supports water market rules should prohibit exit fees and exclude them from being part of terms and conditions for transformation and/or trade. The VFF maintain that appropriate and consistent termination fees across state boundaries are vital for fair trade in water and to ensure irrigators do not suffer from rising prices when water is traded out of an area. The VFF supported the agreement between Victoria and New South Wales to accept the Australian Competition and Consumer Commission (ԭ) recommendation that exit and termination fees which apply when water permanently leaves a district should be separate from the sale of water. However, the VFF supports that funds collected from termination fees must be quarantined within the district to ensure no increase in charges to remaining irrigators. The termination fee must not be allowed to disappear into consolidated revenue. Any restrictions based on the identity of the water purchaser. The VFF believes that the 10% limit to the total amount of water shares that can be held by non-landholders should be maintained. The VFF does not support any increase in 10% non-landholders limit being able to own further water. The VFF is concerned that any change could further threaten irrigators supply of water, and provoke detrimental rates of social and economic change in irrigation districts. There is already a high level of stress and uncertainty surrounding water supplies for farms due to the risks associated with climate change. Raising the limit of water held by non-landholders increases the risks of water barons being formed and distortion of the water market. Speculative driven price particularly in years of low allocation, which if climate change causes to be more frequent, will increase the speculative opportunities. Requirements to transform a separately held water access entitlement back into the scheme entitlement. Requirement to maintain a minimum irrigation right on the transformation and/or trade, where this is not a requirement of a community service obligation contained in a state legislative instrument. Restrictions relating to regulating land use and environmental effects of water use. This is supported by the VFF. Victoria has unbundled its water entitlements into water shares, delivery shares and water use licences. Restricting water use on land for environmental impacts is best managed through water use licenses. Restrictions relating to the category of the water entitlement. The VFF opposes the Governments be able to buy or sell environmental water on the temporary and permanent markets. The VFF supports carryover and/or borrow and payback rules such as those in place for the Murray Wetlands be developed for the environments entitlements in consultation and agreement with irrigators and the environment and subject to similar carryover rules including those related to evaporation losses. Restrictions to manage delivery and the physical constraints of the irrigation infrastructure, except where the transformed water entitlement is sold within the district. This is supported by the VFF. However, the VFF believe that such restrictions should be reviewed regularly and in consultation with irrigators to ensure that any changing circumstances warrant a revised policy. Restrictions for the purposes of covering conveyance losses. Imposition of cut-off dates and trading seasons. This is supported by the VFF. This is an issue relevant to the rules that govern water trading and should not be considered by infrastructure operators when processing the transformation of an entitlement. The ԭ position paper proposes the following as permitted restrictions on transformation and/or trade: Administrative fees or charge for processing a transformation and/or trade, calculated in accordance with the water market rules, or a regulated water charge as defined under the Act. This is supported by the VFF. The VFF believes that the most important task of rural water authorities is cost efficient delivery of water to customers. The water market rules should require governments or infrastructure operators to set such fees based on cost recovery principles, and in consultation with irrigators through their water services committees. Restrictions that relate to minimum water holdings explicitly maintained for stock and domestic purposes, where this obligation is contained in a state legislative instrument. This is supported by the VFF. Stock and domestic supply is a high priority issue for the VFF as good stock and domestic water supplies are critical to enable farmers to manage droughts. Requirements for an irrigator to have a metered supply before being permitted to transform and/or trade, except where the irrigator is terminating access to the operators network. The installation and operational costs of meters remains an issue of concern to irrigators. Metering stock and domestic water where the use is relatively low is not cost effective. Currently, there is no requirement to meter Stock and Domestic groundwater bores. The VFF strongly opposes any moves to require compulsory metering of genuine Stock and Domestic groundwater bores. However, in some circumstances, such as an aquifer that is deemed to be stressed, the VFF would support a sample group being metered within that management area. In such circumstances, the VFF would encourage voluntary registration of Stock and Domestic bores in an effort to obtain information on the nature of the aquifer to ensure the resource is equitably shared among authorised users. The cap on permanent trade out of an irrigation district as agreed to by the federal government and state governments. This is strongly supported by the VFF. The COAG meeting in July 2008 reaffirmed its commitment under the National Water Initiative (NWI) to reconsider this limit and stated its ambition to increase the cap from fourpercent to six per cent by the end of 2009. Future changes in the limit would be preceded by wide consultation with the communities prior to any decision being made. The Commonwealth also agreed to consider financial support for affected communities through priority projects involving managed buyouts and closure arrangements. The Victorian Government said it would only consider agreeing to increase the cap from four per cent to six per cent in 2009 if a number of strict conditions were met. The VFF will continue to work with both State and Federal Governments to achieve a sensible outcome on this issue. The VFF position to oppose an early review and immediate lifting of this limit is based on various reasons. Allowing unfettered transfer of irrigation water, particularly in an market that is impacted by water shortages due to low inflows, and has major players not driven by commercial considerations, will cause significant hardships onto rural communities. The 4 per cent rule is essential in ensuring that rural adjustment resulting from movements of irrigation water occurs at a manageable pace and allows communities to adapt to the change. The movement of water out of an area has a number of direct impacts that must be managed. These impacts include; Loss of economic activity leading to structural adjustment Reducing the efficiency and viability of a delivery system Increasing costs on remaining system users The movement of water is a movement of economic activity. The loss of substantial amounts of water in a short time period from a community, which would be likely if the cap was removed, will cause significant disruption of local economies, employment opportunities and social structures of the many local communities reliant on irrigated agriculture. The VFF believe that the review of this rule should be carefully planned and informed through an integrated approach that considers three major components; Commonwealths purchase of entitlements, investment in infrastructure upgrade, and the new diversion limits resulting from the Basin Plan due in 2011. Subsequently, if any change is to be made, it should be planned carefully and gradually and adjusted over a reasonable timeframe. Any early and unplanned review of the rule will only exacerbate the stress in some areas and may also result in considerable loss of investments. The intent of this rule has always been an insurance to help manage concerns about the adjustment of regions to water trade, and to monitor the socio-economic impacts of water trade. Water trading will lead to structural adjustments such as contraction in the demand for complementary agricultural services and output from districts. This may result in significant and rapid changes to the demographics, population and sustainability of communities. The VFF believes that the impact on third parties in terms of regional effects must be accorded sufficient consideration when determining and/or reviewing water market trading rules. As water is removed from rural communities, jobs and wealth creation will also disappear and will result in further urban migration. It could further threaten irrigators supply of water, and provoke detrimental rates of social and economic change in irrigation districts. There is already a high level of stress and uncertainty surrounding water supplies for farms due to the risks associated with climate change. It is accepted that will be some positive benefits from the removal of the cap through a faster transfer of water to higher value uses. This benefit will still be realized, only over a longer time frame with the 4 per cent cap remaining in place. The will allow communities time to adjust to a change in the production mix in their respective farming regions, without preventing the achievement of the long term economic benefits. The entry into the market of the Government or agencies of the Government with a $3 billion bank roll will complicate the market impacts. With farmer to farmer trade the economic activity moves from one location to another and the problems are managing the adjustment process; when water is bought in order to increase environmental flows, the economic activity is lost entirely from rural communities. Environmental purchases are not driven by commercial principles and it is difficult to envisage the expenditure of $3 billion, even over a number of years, not causing significant distortions in the water market. Rules on Government trading in the marketplace will be necessary to ensure that impacts are minimized. The existing 4% trade cap is one of these. For these reasons, the VFF did not support an early review of the 4% cap. The VFF believe that the review of this rule should be carefully planned and informed through an integrated approach that considers three major components; Commonwealths purchase of entitlements, investment in infrastructure upgrade, and the new diversion limits resulting from the Basin Plan due in 2011. Subsequently, if any change is to be made, it should be planned carefully and gradually and adjusted over a reasonable timeframe. IV. Security for future payment of fees: The ԭ position paper proposes allowing operators to require security under certain circumstances. It also proposes allowing irrigators to offer security over something other than their water access entitlement and requiring the operator to give due consideration to the offer. The value of the security is capped at 50 per cent of the applicable termination fee. The VFF supports the ԭ preliminary position on security. The VFF has maintained that the Murray Darling Basin Agreement (MDBA) Schedule E protocol on access, exit and termination fees provides for some circumstances when an operator can seek security over the future payment of access fees. The VFF believes that the water market rules should provide such a security for future payment of fees to the minimum level needed to maintain a viable business for the infrastructure operators. However, such a process should be conducted in consultation with irrigators and their water services committees, through a transparent and accountable exercise. V. Application and implementation of water market rules : The ԭ position paper proposes that all operators will be covered by the water market rules, subject to the provisions of the Act. Implementing arrangements that comply with the water market rules is likely to prove more onerous for small operators who have limited access to resources to help in the transition process. For this reason, and as touched on above, the ԭ will assist irrigation operators by developing standard forms and documents. The VFF strongly supports the ԭ preliminary position on application and implementation of the water market rules. The Transition plan proposed provides both infrastructure operators and irrigators with an adequate time to adjust and ensure compliance to the new market rules.     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