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Water trade price report
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After a month of fluctuating water prices, the average price of temporary water across the Southern Murray-Darling Basin for the month of October was $370 per megalitre.
National water broker Waterfind has reported that the price of water during October was on average 29% less than the average price for the previous month, and 50% less than the peak price seen in October 2007.
Waterfind CEO Tom Rooney says that “grower concerns about last season’s record high prices and current uncertainty of water resource availability is influencing these lower market prices.”
The volume of water transferred during October 2008 was greater than September 2008 and almost double what was transferred in October 2007.
A number of increases have been made to Southern MDB allocations since the beginning of October. General security licence holders in the Lower Darling currently have an allocation of 30%, and Murrumbidgee high and general security allocations have increased to 95% and 9%* respectively. NSW Murray high and general security allocations have increased to 95% and 2% respectively. In Victoria, Murray and Goulburn high reliability water shares are currently at 19% and 14% respectively, and South Australian irrigators now have access to 15% of entitlement.
Early November announcements left NSW Murrumbidgee and Murray allocations unchanged for the first time in some months, and minimal improvement to allocations in Victoria and South Australia. This coincides with the Murray-Darling Basin Commission’s latest drought update which states that continuing below average rainfall across the Southern MDB has dampened hopes of improved inflows and a possible recession of drought conditions over the summer period.
Download the Waterfind October Water Market Report here