Bijlage 9: Water trading: the case in Queensland – Australia 73 Water trading—an introduction to Queensland water markets The trading of commodities is central to our economy. Recent reforms in Queensland now make it possible to trade water—an essential resource for the health of the economy and of ecosystems that support our lifestyle. Previously, water entitlements were attached to the land on which the water was used. Now water can be bought and sold separately from land, as personal property. Trading is a more efficient means of reallocating water between users, on a voluntary basis, and has been introduced to address the increasing competition for water, without degrading Queensland's water resources. Along with sound water resource planning, secure tradeable water allocations are a key ingredient for a dynamic irrigation industry. Trading also benefits other sectors such as the power and mining industries. For example, investing in irrigation technologies allows farmers to derive additional income by selling excess water gained through increased efficiencies. Water users can also consolidate their assets by moving the water to the soils best suited for the crops they choose—or switch to crops that generate higher profits or give higher yields. As well as fostering innovation, trading also enables holders to use their asset as collateral for borrowing money, or earn income by selling, leasing or temporarily assigning water under their allocation. The ability to trade water between sectors and users through the market means water can be used and applied where the economic benefits are greater. The resultant rise in agricultural output and farm profitability can also have wide effects on regional and state economies, thereby benefiting the broader community. What is water trading? Put simply, water trading is the buying and selling of a water allocation, or the water that is available under a water allocation—at a price determined by market conditions. Three forms of water trading are possible: a permanent trade a lease a seasonal water assignment. Water may be traded in a way similar to land, but some formal approval and/or registration is always required. A new register for water business Water allocations are registered on a Water Allocations Register—a central database similar to the land registry where property sales are recorded and secure titles are held. Where has trading been introduced? Before trading can be introduced to an area, a water planning process must be completed. These plans determine how water resources will be shared between human and environmental needs. Importantly, they also establish rules to ensure that trading does not jeopardise the state's responsibility for protecting river health, or reduce the water supply security for existing users. Water planning is continuing throughout Queensland and as more plans are completed, trading can then follow. Ultimately, water markets will be established in most catchments in Queensland, including some instances of groundwater trading. National water reforms Water trading is one of the cornerstones of the national water reform agenda, which promotes an efficient irrigation industry while ensuring our rivers stay healthy. The reforms are about making sure our irrigators and other water-reliant industries have the capacity to run adaptable and profitable businesses. Because of the limited and variable nature of water in our dry continent, we need to promote higher value uses of water—that is, maximise the returns from every drop of water. Trading is a way of making this happen. Further information For more information, visit the Department of Environment and Resource Management website at: <www.derm.qld.gov.au> or contact your nearest business centre. April 2009 W76 What are the benefits? Through placing a value on water, market forces provide a strong signal to encourage everyone to better value our water resources. The concept is that if the water users themselves reap the rewards of their efforts, they'll explore more entrepreneurial approaches in managing their water. 9 311662 177933 Pagina 80

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