The Australian Federal Government will support an important probe launched by The Australian Competition and Consumer Commission (ACCC) into the country’s water market.
Australian water market’s worth $2 billion players Murray-Darling Basin will now be the focus of an enquiry by the ACCC. The aim is to tip the scale in the favor of the farmers. The investigation will also examine carryover water – water that can be held over from one season to the next- as well as the efficiency of water movement, and the effect speculators have on the market.
Federal Water Minister David Littleproud wants to ensure that the market has been favoring farmers.
“We are going to ask the ACCC get under the bonnet of this market to ensure that farming families do get a fair crack. I hope the ACCC will go out and kick some dirt like I did, sit around in the sheds and listen to farmers and their concerns,” he said.
This was prompted due to the dire state of water affairs in the southern basin, where there has been an uprising of complains on a perpetual draught experienced by farmers. This apparent shortage is the predicament of the farmers whose needs aren’t being remotely met by the 90 % of water trade that happens in their region.
Mr. Littleproud said, “They (farmers) believe the market has evolved to a point where 14 per cent of those that owned licenses don’t own land “. The ACCC’s interim report is due in May next year, with the final findings set to be handed down in November 2020.