Almonds, Basin Plan, Cotton, water markets

ABARES report shows water market could cope in repeat of millennium drought

8 August 2018

Tom Nancarrow & Kath Sullivan, ABC Rural
8 August 2018

Australia’s commodity forecaster says water market prices in the southern Murray-Darling Basin are unlikely to be higher if faced with a repeat of the millennium drought, despite a boom in almond and cotton plantings.

A new report, released by the Australian Bureau of Agriculture and Research Economics and Sciences (ABARES), assessed how the market would react should the 2008 peak of the drought hit again.

ABARES executive director, Dr Steve Hatfield-Dodds, said despite more than 2000 Gigalitres (GL) of water entitlement recovered for the environment under the Basin Plan, prices would likely remain around the same levels.

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