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Fixing the River Murray What still needs to be done?

Fixing the River Murray What still needs to be done?. Prof Mike Young Executive Director The Environment Institute Research Chair Water Economics and Management The University of Adelaide. IRR Regional Water Conference, Adelaide 28 July 2009.

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Fixing the River Murray What still needs to be done?

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  1. Fixing the River MurrayWhat still needs to be done? Prof Mike Young Executive Director The Environment Institute Research ChairWater Economics and Management The University of Adelaide IRR Regional Water Conference, Adelaide 28 July 2009

  2. Beyond the Plan • What do we need to think about?

  3. National Water Initiative • Water that is provided by the States and Territories to meet agreed environmental and other public benefit outcomes ... is to: • i) be given statutory recognition and have at least the same degree of security as water access entitlements for consumptive use and be fully accounted for;

  4. A fully -specified sharing system for a regulated river Volume of Water in the System

  5. With half as much water Users Users Environment Environment River Flow River Flow

  6. Climate Change Proofed System • Critical Human Needs then • Two pools • High security • General/Low security • Moving size High Security Pool • 10(?) year moving average of allocations

  7. A nested MDA entitlement system Murray below Choke High Security Low Security CEWH NSW ACT VIC SA CIT CEWH NSW ACT VIC SA

  8. Environmental Water Trusts? Volume of Water in the System

  9. Environmental carry forward • The CEWH will need less entitlement if 100% of all allocations can be carried forward • Why not go to continuous accounting? • Any allocation less evaporative losses can be carried forward

  10. Investment in new or refurbished infrastructure • 69. The Parties agree to ensure that proposals for investment in new or refurbished water infrastructure continue to be assessed as economically viable and ecologically sustainable prior to the investment occurring (noting paragraph 66 (v)). • 66 v) full cost recovery for all rural surface and groundwater based systems, recognising that there will be some small community services that will never be economically viable but need to be maintained to meet social and public health obligations:

  11. Infrastructure + buyback $$$$ • $8.9b was worth just over $5b • When SCRM entitlements worth $9.9b • $4b = 40% of value of entitlements • Entitlements now worth around $14.5b • $4b = 27% of value • Could buy 13% at double market value • Complete the buy-back this winter?

  12. Stock recovery, if it remains dry? • What is the plan to • Refill the wetlands? • Refill groundwater? • Refill lower lakes? • Refill the dams? • Is the plan to wait for a flood? • Should reconfiguration be contemplated

  13. Groundwater-Surface interaction • Risk assignment among systems • Tagged trading among systems • Boundaries • Zoning

  14. Concluding comment • Australia is very lucky • Our system allows markets to work • We have embraced reform • We are trying to get water management right

  15. Subscribe to Droplets at www.myoung.net.au Prof. Mike Young The Environment InstituteThe University of Adelaide Email: Mike.Young@adelaide.edu.au

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