Murrumbidgee River Reach project
Murrumbidgee River, NSW
Total funding: $3.7 million (plus GST) from the Water Smart Australia program.
About the project
The Murrumbidgee River Reach project will explore the potential for the Murrumbidgee Valley to trade new water products designed to meet both the needs of irrigators and the environment. The project aims to provide lower cost, higher volume water for environmental needs in wet years while providing security of water supply for irrigation during dry years.
The Australian Government's contribution will be used to investigate, develop and trial an environmental water exchange and, if appropriate, will be used by the environmental water manager to purchase the innovative water products being trialled. The outcomes and learnings from the project will be used to facilitate the establishment of environmental water markets throughout Australia.
Project benefits
The project aims to:
- develop and trial innovative water market products (e.g. options) that may supply additional water during wet years to supplement environmental flows in the Murrumbidgee Valley southern Murray-Darling Basin
- deliver water for the environment without the costs associated with purchasing permanent entitlements or compromising the irrigators security during dry years
- promote complimentary water use between irrigated production and the environment
- pilot a market mechanism and provide a model and framework that may enable the roll out of water exchanges to trade innovative water products nationally, and
- build the skills and develop the institutional capacity of the environmental water purchasers to engage in an options market.
The project will advance the National Water Initiative objectives of supporting water markets and trading and providing improved environmental outcomes.
Progress
Innovative trial water products have been developed and submitted by Murrumbidgee Irrigation to the Commonwealth for assessment.
Water Smart Australia projects are funded by the Australian Government's Water for the Future initiative.
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