Chinese state-owned enterprises have acquired water entitlements in Australia and some foreign water investors face limited scrutiny by the Foreign Investment Review Board. Water ownership in Australia is an increasingly lucrative investment for both domestic and overseas buyers. The reduction of water available in key river systems has seen the price of water steadily rise.
Water has been a tradable commodity since water rights were “unbundled” from agriculture and property interests. Since 2014, restrictions on trading water allocations were also relaxed in the Murray-Darling Basin. Despite water’s essential value, there are increasing concerns about the amount of oversight of water markets compared to financial or property markets.
Each state and territory administers its own water register, but there are complex overlaps between different levels of government and even between government agencies. Issues like foreign ownership would generally be considered a matter for the federal government. In NSW, more than 38,000 water licences have been issued but individual ownership is difficult to determine. The register itself is not freely accessible and a fee must be paid for every search.
Source: ABC
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