аЯрЁБс>ўџ <>ўџџџ=џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅС5@ №П0МbjbjЯ2Я2 ."­X­XМџџџџџџˆ6666666JŽŽŽŽЂJBnТТТТТСУУУУУУ$АRєч6„„„ч66ТТлќшшш„.6Т6ТСш„Сш:ш" 66Q ТЖ Рk„їRГШŽВ С0B% ,іШіQ JJ6666і6Q p>л,ш$+YччJJDŽо JJŽPublic submission to water market rules issues paper by Ian Shippen on 8/5/2008 I am a shareholder of Murray Irrigation Limited. I also hold licenses on the river. I wish to make the following comments: Successive State and Federal governments have determined that water entitlements must be fully tradeable and separated from the land. Whether or not I agree with this situation is of little importance. I must adapt my farming business to survive and hopefully prosper in this new environment. It is only reasonable that governments driving these reforms will actually commit to these reforms themselves. I list some examples where I believe this is not the case: Governments are purchasing large amounts of water on the market; but as a market participant I have only hearsay knowledge of sales and prices. This is in stark contrast to ЬЧаФд­ДД’s comments that efficient markets are characterised by “well informed decision making on the part of market participants”. Governments must immediately publish details of MDB purchases on a live web based register along with all other brokers and exchanges. Interstate annual trade is arguably becoming slower even though the NWI was signed four years ago. Ministers and Senior officials are quick to move into contingency planning when markets could in fact deal with the situation. MIL’s rules and the way they continually change them is having a detrimental impact on my business. I understand the concept of stranded assets and the impact this can have on the remaining shareholders in a scheme. However I believe the following actions by MIL have eroded my property right: Whilst MIL holds the bulk entitlement, my share of that water and any history of use should be my property. I resent the recent decision by MIL to sell half my supplementary water against my will. They argued it was the companies to sell, however it was my and other irrigators history of use that generated MIL’s supplementary license. Under pressure from governments and the ЬЧаФд­ДД, MIL created access and delivery entitlements. With a termination fee of $368. MIL now has the ability to recover fixed costs via the delivery charge. A shareholder should have been able to sell or transform his entitlements without impacting other remaining shareholders by virtue that the remaining delivery right charges would still be paid. Not so! MIL changed the rules and now requires shareholders to quit their delivery entitlements if they sell or transform their access entitlements (isn’t this an exit fee?). It appears that water outside the corporations is now more valuable than water inside and I believe many of the actions of MIL as outlined above have been contributing factors. I have also lost faith in any party other than myself to hold my access entitlements. As a MDB irrigator, I want the following: To have the discretion to transform my entitlements out of MIL if I so choose. I should be able to retain my delivery entitlements if I did so. This may encourage MIL to focus on benefits for members. For example, instead of just mirroring state carryover rules MIL could offer me access to additional carryover capacity with no or negligible impact on other shareholders. In the event I did transform out I should pay standard delivery charges; but no more. I want to hold a range of basin products. I want to trade them in a range of parcel sizes electronically and at low transaction cost. I want a consistency of rules and procedures across the basin. Removal of termination fees or at least confidence that any termination fee is based on sound principles. The ability to readily track the value of my entitlements. 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