Basin Plan

The VFF claims Victoria has “lost” nearly $1billion over water buybacks

6 December 2018

Andrew Miller, Stock & Land
6 December 2018

Victorian irrigators would be about one billion dollars richer if they sold their water to the Commonwealth today rather than in 2008, according to the Victorian Farmers Federation.

The VFF has compared the price the Commonwealth Government paid for water in 2008, as part of its water buyback scheme versus the value of the water today.

The Commonwealth buyback for the Basin Plan coincided with the Millennium drought, with Federal authorities opportunistically buying water at distressed values when farmers where facing extreme financial hardship.

“Some water products in Victoria have more than doubled in value over the last ten years, particularly Murray water below the Barmah Choke,” Richard Anderson, VFF Water Council chairman Richard Anderson said.

Read the full article here.