ĐĎॹá>ţ˙ –˜ţ˙˙˙”•˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙˙ěĽÁ!` đż/^bjbj\­\­ 4€>Ç>ÇłŐ+˙˙˙˙˙˙¤&ŞŞŞ8âśŮ&<&™€Ćnn„„„___€€€€€€€$_‚hDŽZ(€Ů__ŮŮ(€„„Ű=€ """٨„„€"Ů€"".xč:„b °>˛ŃľČށ”ľ÷ąĘîąŐśÄ<™€f{Ô!… Ţ!… :!…:´_ćE¤"é„ml___(€(€ó!___™€ŮŮŮŮ&&&„Ş&&&Ş&&&˙˙˙˙ Public submission to water market rules issues paper by the Murray Darling Basin (MDB) Working Group of the Qld Farmers Federation and Qld Irrigators Council on 14th May 2008 Introduction The Water Act 2007 provides for the Minister to make water market rules (Cl 97) that ‘contribute to achieving the Basin water market and trading objectives and principles set out in Schedule 3’ of the legislation. The purpose of the water market rules is to ‘free up the trade of water access rights within the Murray-Darling Basin by ensuring that the policies or administrative requirements of [irrigation] infrastructure operators do not represent a barrier to trade’ (Water Bill 2007 Explanatory Memorandum item 193). ĚÇĐÄÔ­´´ indicates in developing its advice on water market rules it will consider the following restrictions on transformation and/or trade: ‘What actions undertaken by an operator that prevent or delay transformation and/or trade should be permitted under the rules? What actions should an operator be required to undertake so as not prevent or unreasonably delay transformation and/or trade?’ The water market rules are to apply only to irrigation infrastructure operators as defined in s7 of the Act. These rules are not be confused with water trading rules that have to be prepared by the Murray Darling Basin Authority as part of the preparation of the Basin Plan. The Authority has to obtain the advice of the ĚÇĐÄÔ­´´ in developing these rules which are to apply to a broad set of water market participants in respect of all tradeable water rights. This submission examines issues raised by ĚÇĐÄÔ­´´ for the development of water market rules and how they may or may not apply in the Qld Murray Darling catchments. Matters addressed in the submission are as follows: Overview of the water trading arrangements and implementation in Qld Implications of the Qld trading arrangements for ĚÇĐÄÔ­´´s brief to develop water market rules. Issues raised by the ĚÇĐÄÔ­´´ Conclusion/recommendations Overview of Water Trading Arrangements and Implementation The Qld Water Act 2000 provides for a two stage planning process to define the availability and security of water and the conversion of existing water entitlements to water allocations that have a separate title to land and can be bought and sold. The water resource plans (WRP) (first stage) are strategic plans which define catchment water resources and determine how these resources will be shared to protect the environment and support consumptive needs. These plans are enacted as subordinate legislation and operate for ten years when they must be reviewed. Resource operations plans (ROP) (second stage) give operational effect to WRPs and define how the provisions of the WRP are to be implemented. ROPs may include conversion of identified existing water entitlements to allocations, granting of new allocations, rules for operating water infrastructure and managing water, trading rules, water sharing rules and monitoring and reporting. Once the ROP takes effect, operations licences are granted to operators of water storage infrastructure or water distribution infrastructure. Operators must manage their schemes in accordance with the conditions of the ROP and their licence. Water entitlements that are to be converted under the ROP are expired and allocations are granted to the holders of these expired entitlements and are recorded on the water allocations register. Entitlements that remain attached to land, such as overland flow licences, continue. The water allocations register is managed on a state wide level and records the holding of and interests and dealings in water allocations in a similar way that land ownership and dealings are recorded on the land registry. The Registrar of Water Allocations is also the Registrar of Land Titles. The holders of water allocations and tenancy arrangements are specified on the register together with the attributes of the allocation such location, purpose, conditions required by NRW and nominal volume for both supplemented allocations (delivered from water infrastructure by an operator) and unsupplemented allocations (supply from natural flow). The register also records the priority group for supplemented allocations and extraction rate, flow conditions, volumetric limit and water allocation group for unsupplemented allocations. Dealings in water allocations have to be registered on the water allocation register to take effect. Dealings that involve a change in the attributes of a water allocation and subdivision or amalgamation of a water allocation require the NRW’s approval. Transfers or leases of the whole of an allocation that do not affect the attributes of an allocation do not require NRW approval but still must be registered. Trading of allocations on a permanent or temporary basis will most likely involve a change in location and the ROP change rules may set out permitted and prohibited changes for this attribute. Prohibited changes are defined to ensure that the environmental and water security objectives of the WRP are met. For example, a change will not be permitted if it is to a location outside permitted trading zones where it would adversely affect the reliability of the water shares of other entitlement holders and/or the water shares to meet environmental needs. Also a change would not be permitted if it increased an entitlement holder’s share of water available under an allocation. There are significant variations between and within ROPs about how changes to the attributes of water allocations are treated, reflecting the environmental and water allocation security objectives specific to each hydrological subcatchment. Where there is no specification whether a particular change is permitted or not, provision is made in the Water Act 2000 for an allocation holder to make application for a change with processes for the approval which include public notice of the application and payment by the applicant of the costs of investigations. The ROPs also outline rules for seasonal water assignments (ie temporary trading) for both supplemented and unsupplemented allocations. Temporary trades within supplemented schemes are handled by the infrastructure operators who have better information regarding water available in water accounts for trading. Temporary trading of unsupplemented allocations is managed by NRW. Other requirements for registration of changes or transfer depend upon whether the allocation is taken from supplemented or unsupplemented supply. For example, water allocations for supplemented supply are required to have a supply contract with the water infrastructure operator and a change or transfer of these allocations will not be registered without notice to the registrar of the existence of such a contract. Other administrative requirements of the NRW relevant to the trading of water allocations include: Sellers must obtain consent form banks for the release of any mortgages over allocations that are being transferred, subdivided or amalgamated Prices paid for water allocations are publicly available for a fee from NRW and there is summary information on the website Water allocations purchased or leased require a land and water management plan which has to be approved by the NRW before traded water is used Purchasers of water need to ensure that works such as a development permit for a watercourse pump is obtained. Permanent water trading in Qld is at an early stage of development with trading in the Burnett and the Fitzroy in both supplemented and unsuplemented allocations beginning in 2003/04 followed by the Barron and the Pioneer in 2005/06. In the Qld Murray Darling catchments, ROPs were approved in the Warrego, Paroo, Bulloo and Nebine and Moonie in January 2006 and in the Border Rivers in March 2008. No trading is reported to 2006/07 in the Warrego, Paroo, Bulloo and Nebine and Moonie catchments. NRW provides annual reports of water trading on their website for the financial years 2003/04 to 2006/07 covering permanent water transfers, leases and land/water transfers for supplemented and unsupplemented supply. Implications of jurisdictional trading arrangements for the application of water market rules for the Murray Darling Basin A significant component of the trading arrangements in Qld is implemented in accordance with the water resource planning process. WRPs are in place in all Qld Murray Darling catchments and ROPs have been approved for all but the Condamine Balonne where a final ROP is being prepared. In other words the grant of tradable water entitlements is completed in all but the Condamine Balonne. The water resource planning process is also completed in many of the other major catchments across the state. The Water Act 2007 recognises the WRPs and ROPs in the Qld Murray Darling catchments including the ROP for the Border Rivers and the draft ROP to be completed for the Condamine Balonne as ‘transitional water resource plans’ which are taken to be accredited by the Minister and have continuing effect for their remaining terms. Qld infrastructure operators such as SunWater and smaller water boards are required to comply with these transitional plans. Water market rules cannot require changes to trading arrangements put in place by transitional plans including arrangements for the following: Process for dealing with unallocated water Granting and conversion of authorisations including resource operations licences and distribution operations licences for operators and rules for the conversion of supplemented and unsupplemented authorizations Water licences and authorisations which remain attached to land under the WRP including overlandflow entitlements Operating and environmental management rules for schemes Water sharing rules Water allocation change rules (trading rules) both permanent and seasonal for supplemented and unsupplemented allocations Performance assessment (ie monitoring and assessment) in regard to environmental and water allocation security objectives. It would be expected that the water trading rules to be developed as part of the preparation of the Basin Plan for 2010/11 will address these issues having regard to the water market and trading objectives and principles listed in Schedule 3 of the Water Act 2007. It should be noted that underground water is yet to be addressed under water resource plans for the Qld Murray Darling catchments. Issues raised by ĚÇĐÄÔ­´´ 3. Water market and trading objectives 3.1 Facilitate efficient water markets The decisions of market participants in temporary water trading are often distorted by water sharing rules based on annual announced allocations, leading to a spike in trades before the end of each water year – the use it or lose it principle. An individual continuous sharing water accounting system offers water users the opportunity to tailor management use of water to suit their production needs, while still operating within the annual diversion limit. Such a system provides a platform for participation in a water market that will strengthen the market’s link to efficiency and productivity of water use and needs to be considered in any assessment of water market rules. The water market needs to give similar consideration to intertemporal arrangements such as carryover. Facilitation of efficient water markets would be enhanced by: a licensing regime for water brokers, similar to that for real estate agents or mortgage brokers a market reporting service that requires compulsory notification of sales data within a specified timeframe. 3.4 Recognise and protect the needs of the environment As explained above, water planning in Queensland accounts for environmental outcomes and water allocation security objectives in trading rules. Water markets therefore already address these issues. 3.5 Provide appropriate protection of third parties In addition to negative third party financial impacts of water trades, decreased reliability of supply for remaining network users is an important consideration. To avoid water trades having negative third party impacts on entitlement security and reliability and negative impacts on whole-of-system water use efficiency, transmission losses must be accounted for in inter-zonal exchange rates. Other factors that should be considered (1) The establishment of efficient and well functioning water markets must be accompanied by ongoing monitoring and assessment of the social and economic impacts of water trades. (2) When interpreting the objectives of water market, trade and charge rules and advising the Minister in respect of the rules, ĚÇĐÄÔ­´´ must conduct a comprehensive and meaningful consultation process with all stakeholders. The 5 week timeframe for submissions on the market rules issues paper is inadequate. Any subsequent issues papers and draft advice should be released by ĚÇĐÄÔ­´´ for public comment with a minimum 8 week submission period. 4. Restrictions that should be permitted Queensland Murray Darling catchments do not have water infrastructure operators that hold entitlements against which irrigation rights are issued to water users against the operator. Therefore, many of the issues put forward are not relevant to Queensland. The following comments are made from the broad perspective of Queensland planning arrangements and issues that might impede trading. 4.1 Restraints on parties to whom water can be sold Restrictions on the basis of the possible use of water - Even where the trading approval process is separate from a process for approval of land and water management plans, as in Queensland, the requirement for approval of these management plans before traded water can be used has potential to depress the market’s ability to reallocate water in response to water availability and demand. The time and cost of gaining approval of land and water management plans can be considerable, particularly in the absence of supporting area wide data. The ability of existing and potential water users to respond quickly to a well functioning market is therefore constrained and the requirement favours non-landholders/non-water users in speculative market activity unrelated to efficiency and productivity of water use. 4.2 and 4.4 Constraints on water exports – Access, exit and termination fees and security for future payment of fees SunWater is making progress in implementing the principle that water rights should be ‘unbundled from delivery rights, with ongoing fees for access to the operator’s water delivery network applied to the delivery right rather than the water right.’ Separate contracts for channel and river operations have been implemented and any transfers from the channel systems must pay a charge per ML assessed as the discounted value of an estimate of the fixed channel charge over a ten year term. SunWater proposes to consider a more detailed estimate of distribution costs when the price paths are reviewed for implementation in 2011. This arrangement is not required in non channel schemes where water is supplied from river access. The ROPs provide for operating licences for smaller water boards that distribute supplemented or unsupplemented water to their members. These Distribution Operating Licences make provision suited to local conditions for the trading of water out of these schemes. 4.3 Other constraints on trade In Queensland there are no operator restrictions on trade that would prevent or delay trading. The following should be noted: It is a requirement of registration for water transfers in supplemented schemes that there be a contract between the water purchaser and the operator. Under the Border Rivers ROP there must be interstate trading agreements between operators in Qld schemes and their counterparts in NSW before interstate trading can commence on a permanent or temporary basis for supplemented water. Regulators for both states must also have agreements for trading unsupplemented water. Both forms of agreement must address metering and collection of water use information. The other Qld Murray Darling ROPs allow for amendment to give effect to any interstate agreement regarding the supply of water that may be signed after the commencement of the plan 4.7 Interaction between operators and intermediaries SunWater has a water trading framework outlined on its website for trading of its own water allocations. It has appointed independent brokers to sell its water mainly on a temporary basis. The trading framework is based on a trading code of conduct which covers such issues as market information, transparent trading process, non discriminatory pricing between customers, approval of trades (seasonal and permanent) in accordance with published criteria, disclosure of contracts, compliance with and breaches of the code of conduct, ring-fencing of trading operations and dispute resolution. 5. Actions that should be required 5.1 Terms and conditions for trade SunWater provides a comprehensive supply of information for each scheme through on line facilities accessible to customers and the public which sets out the following that may be required to facilitate trade: Scheme summary details Scheme specific fees and charges Scheme water supply arrangements and service targets Scheme contracts – standard contracts for channel and pipeline, groundwater and river access Relevant forms – multi delivery points, carryover, customer account details, short term supply arrangements, SunWater exchange documentation Temporary transfer history Other operators work at a local level with arrangements suited to local scheme conditions 5.4 Timeliness There is no information formally provided about how long it is taking to process trades either permanent or temporary for supplemented or unsupplemented water allocations. NRW advises that currently it is taking on average 15 days to process permanent trade applications in supplemented allocations and 10 days for unsupplemented trade applications. Registration of dealings on the WAR is currently taking on average 12 hours provided all documentation is available including mortgagee arrangements. SunWater is delegated to manage temporary trading of water between SunWater customers and does this through its online trading facilities and its trading exchange. SunWater online allows customers to conduct temporary transfers directly (ie temporary trades conducted directly between customers) as well lodging offers on the Exchange. The Exchange is an alternative for customers who don’t want to trade directly. The Exchange has not been as popular possibly because customers favour direct dealing through SunWater on line. A SunWater contract is required to be eligible to temporary trade. There are model contracts on the SunWater website for temporary and permanent trades to assist with water trading. The introduction to the model contract for permanent trades notes the need for intending buyers to discuss with SunWater supply contract arrangements that have to be in place for trades to be registered. It also advises that sellers need to contact SunWater re any termination payments or exit fees. This information would indicate that trading processes in Qld are working reasonably smoothly. Provision of information from time to time on the functioning of the trading system relevant to defined benchmarks would be useful but it is not considered that real time data on trading timings is necessary. 6. Financial implications of water market rules 6.2 Tax implications of trade Interpretative decisions have been released by the Australian Tax Office to clarify the fundamental policy issues re the treatment of capital gains tax and water entitlements in NSW and Victoria. These decisions clarify such aspects such as: Do water entitlements fall within the definition of a ‘CGT asset’ in the Income Tax Assessment Act 1997 Is a statutory license rollover available under the Income Tax Assessment Act when an entitlement is changed as a result of the implementation of new water legislation Does the permanent transfer by the taxpayer of rights in relation to the share and extraction components of an access license constitute a change in the ownership of those rights and hence is a CGT event There is a need for a similar interpretive decision for Queensland 7. Application and Implementation 7.3 Monitoring compliance Water market monitoring must include assessment and monitoring of the social and economic impacts of trade. Conclusion & Recommendations Sustainable well functioning water markets need to be developed not only on economic principles but by taking account of hydrological implications, third party, environmental and social impacts. Given the scarcity of the water resource and significant of loss of water involved in transmission it is fundamentally important that whole-of-system hydrological efficiency is considered alongside the economic efficiency of water extractions in establishing water markets. Water resource plans in the Qld Murray Darling catchments seek to address these issues and achieve a balance between meeting human needs and those of the environment. Resource operations plans deal with the practical sharing, managing and trading of water resources to meet water resource plan objectives. Accordingly it is recommended that the issues of significance in regard to water trading in the Qld Murray Darling catchments must be addressed through the water trading rules to be developed as part of the preparation of the Basin Plan and must be developed to address catchment planning outcomes in accordance with the water market and trading objectives in the Water Act 2007. The application of any proposed water market rules in the Qld Murray Darling catchments must be fully investigated and be released by ĚÇĐÄÔ­´´ for public comment with a minimum 8 week submission period.      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