ࡱ> kmj5@ + bjbj22 ZXX+~~~~~~~d^<+ShRRRRRRRTRVR~Y$g"Y$Y$R~~R%%%Y$ ~~R%Y$R%"%3%zM0~~P 6:c$ N$R$R0+SN{Wm${WHP~~~~{W~Pl%$ BRR6% 6 The Peak body for five landholder associations and 1600 irrigators in the Murray Valley 9 May 2008 Water Branch Water market rules issue paper ԭ GPO Box 520 MELBOURNE Vic 3001 Email: water@accc.gov.au Introduction: Southern Riverina Irrigators (SRI) is the peak body for five landholder associations which represents 2,400 landholdings and approximately 1,600 irrigation businesses in the Southern Riverina between Berrigan and Swan Hill. The organisation has been operating since 1960. The regions water is sourced from the Murray River via the Mulwala Canal and supplied by Murray Irrigation Ltd. SRI is responding to the Australian Competition and Consumer Commissions (ԭ) Water market rules issue paper dated April 2008 with the views and principles of its members. Response: SRI has chosen not to respond to all of the questions asked by the ԭ in their issues paper. This submission focuses on the key principles which SRI believes are important to the effective operation of water markets. SRI has discussed the issues associated with the water market rules with Murray Irrigation Limited (MIL). MIL is the irrigation infrastructure operator which supplies our members whom have contractual water entitlements with. Page 1/4 Page 2 SRI submission One of the most substantive issues in the water market rules issues paper are the questions around what restrictions should be in place on the sale of water entitlements and the security for future payment of fees. The way the water market rules address these two issues will have material impacts on MIL and therefore our members. SRI supports the recent changes introduced by MIL to require termination of delivery entitlements. These arrangements provide for a financial contribution from all members to maintain MILs infrastructure. The recent entry of government into the water entitlement market combines the changes to MILs constitution. Changes that were endorsed by its members in January 2006 have highlighted the risks to MILs ability to recover its costs from all its members when combined with the activities of government purchasing water for environmental purposes. It is SRIs view that security provisions and the option of providing sellers with the choice of whether they terminate their access to MILs infrastructure is not a feasible option for MIL. SRI believes the approach, taken by MIL to these issues is appropriate and provides for the correct balance between allowing individuals to make choices about the sale of their water entitlements, whilst acknowledging the third party impacts of this sale on other members. It is simply not realistic for MIL to be able to reduce its costs of operation where the landholdings have been stripped of their water entitlements and capacity to earn income from irrigated agriculture are scattered across nearly 750,000ha. SRI fully supports the arguments in Murray Irrigations submission to the water market rules issues paper. Comments on consultation: SRI wish to have noted that the timeframe for responding to the water market rules issues paper which is the central component of the of the consultation currently being undertaken by the ԭ is not consistent with the timeframe proposed in the draft Water Amendment Regulations 2008. Given the significance and complexity of the subject matters involved, combined with the enormous pressure on agricultural organisations, a period of five weeks from the public release of the Water market rules issue paper until submissions closing on 9 May 2008 has been extremely difficult to complete. Page 2/4 Page 3 SRI submission Key SRI Principles considered relevant to the water market rules 1) The security of the existing property right must be retained. 2) Water must only be obtained from willing participants. The enforcement of new water market rules must not result in third party impacts on other irrigators and/or license holders not involved in the trade. 3) Water regulations must be applied and implemented in an even, consistent and transparent manner across the Murray Darling Basin. Water obtained from all transfers must retain its original characteristics and must not involve special treatment or Cap adjustment. 5) Water traded must reflect the physical aspects of the trade. The existing Water Sharing Plans must be retained until their completion in 2014 and any changes that are made to the replacement of the Water Sharing Plans must be consistent with current NWI risk assignment conditions. 7) The water market is still in its infancy and requires more transparency. Water brokers need to hold an operational brokers license. Brokers need to be licensed, and irrigators must have full access to price and trade information. These steps would ensure water market trading would be delivered in a fair manner without any manipulation of the price. 8) It is essential to establish a proficient national water transfer system in the form of an exchange inclusive of: a. An electronic water title registry b. An electronic clearing system c. Fully integrated trading rules The above system would address the following present negative issues: a. Lack of transparency b. Delays with trade transactions being completed (temporary and permanent.) Page 3/4 Page 4 submission Summary: SRI is of the view that the new water market rules regime and its monitoring should include social and economic impact studies to evaluate the negative impact created if trade is concentrated out of a specific region. SRI supports water trade provided the market rules respect the limits and sustainability of the water economy. SRIs view is that the water market rules require the continued engagement of irrigators and their communities within all jurisdictions. SRI believes irrigators have the right to operate in an open and transparent water market to achieve the optimum opportunities and to manage their businesses risk. . 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