Nick Xenophon (SA, Independent) Share this | Hansard source

I move amendment (4) on sheet 5649:

(4)    Schedule 2, page 294 (after line 14), after item 52, insert:

52B  After section 26

Insert:

26B Trading and transfer of tradeable water rights

        (1)    The Commonwealth and the Commonwealth Environmental Water Holder are not subject to any restrictions on the trading or transfer of tradeable water rights in relation to Basin water resources.

        (2)    A State that imposes restrictions on the trading and transfer of tradeable water rights in relation to Basin water resources is not eligible to receive any Commonwealth funding under the National Water Initiative.

This amendment relates to the trading and transfer of water rights. This amendment precludes states that impose restrictions on the trading and transfer of tradeable water rights from receiving Commonwealth funding under the National Water Initiative. The Commonwealth and the Commonwealth environmental water holder are, however, precluded from the restrictions on the trading and transfer of tradeable water rights.

Essentially, this relates to the issue of the four per cent cap and Victoria’s trenchant opposition to the attempts by the Commonwealth to abandon the cap at the COAG meeting in July. I believe this is an important amendment in the context of ensuring that we have some transparency in the market and some trading and transferability of water rights.