Owners who hold more than 2% of high reliability water shares, 1 July 2024

Northern Victoria
	Total Volume in Northern Victoria (GL)	Water share owner	% of total	Volume (GL)
Northern Victoria	2,515	Commonwealth of Australia	28.1	705.8
		State Street Australia Limited	3.5	87.3
		Fresh Country Farms of Australia No. 4 Water PTY LTD	3.1	78.1
		Perpetual Corporate Trust Limited	2.5	62.8
		Total		934.0
Goulburn and Murray
	Total Volume in system/trading zone (GL)	Water share owner	% of total	Volume (GL)
Goulburn system (Zone 1A, 1B and 3)	1,120	Commonwealth of Australia	29.0	324.4
		State Street Australia Limited	3.5	38.8
		Perpetual Corporate Trust Limited	2.4	26.6
		Coliban Water Corporation	2.1	23.2
		Total		413.1
Murray above the Barmah Choke (Zone 6)	329	Commonwealth of Australia	32.7	107.6
		Perpetual Corporate Trust Limited	4.2	14.0
		Victorian Environmental Water Holder	3.7	12.2
		State Street Australia Limited	2.6	8.6
		Akuna Holdings PTY LTD	2.5	8.2
		Total		150.5
Murray below the Barmah Choke (Zone 6B and 7)	976	Commonwealth of Australia	27.0	263.2
		Fresh Country Farms of Australia No. 4 Water PTY LTD	8.0	78.1
		State Street Australia Limited	4.1	40.0
		Perpetual Corporate Trust Limited	2.1	20.0
		Total		401.3

Note for all tables
All information is at 1 July 2024.

Water shares owned by related owners have not been added together. The Victorian Water Register does not collect information about company structures that would be needed to determine which companies are related to one another.

Only where names of water share owners are exactly the same have the water shares been consolidated.

Currently, there are no individuals who own over two per cent of water shares in the systems covered in this report.

State Street Australia Limited is the registered owner of water shares, in its capacity as a custodian.

Who were the largest owners of water as at 1 July 2024?

We define large water owners within a system as any party that owns over 2% of the high reliability water shares within that water system. Previous years’ reporting has only included names of businesses, but recent legislative changes now allow for names of individuals to also be included.

As of 1 July 2024, there are no individuals who own more than 2% of high reliability water shares in the reported systems.

The Goulburn system

The Goulburn system includes trading zones:

• 1A Greater Goulburn
• 1B Boort
• 3 Lower Goulburn

Map of system

Table 01: Owners who hold more than 2% of high reliability water shares in the Goulburn (zone 1, 1B and 3), 1 July 2024
Goulburn system Total volume in GL	2% threshold in GL	Water share owner	% of total	Volume (GL)
1,120	22.4	Commonwealth of Australia	29.0	324.4
		State Street Australia Limited	3.5	38.8
		Perpetual Corporate Trust Limited	2.4	26.6
		Coliban Water Corporation	2.1	23.2
		Total		413.1

 

Figure 01: A visual representation of the ownership of high reliability water shares in the Goulburn

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

The Murray above the Barmah Choke

The Murray above the Barmah Choke includes trading zones:

• 6 Vic Murray – Dartmouth to Barmah

Map of system

Table 02: Owners who hold more than 2% of high reliability water shares in the Murray above the Barmah Choke (trading zone 6), 1 July 2024
Murray system above the Barmah Choke Total volume in GL	2% threshold in GL	Water share owner	% of total	Volume (GL)
329	6.6	Commonwealth of Australia	32.7	107.6
		Perpetual Corporate Trust Limited	4.2	14.0
		Victorian Environmental Water Holder	3.7	12.2
		State Street Australia Limited	2.6	8.6
		Akuna Holdings PTY LTD	2.5	8.2
		Total		150.5

 

Figure 02: A visual representation of the ownership of high reliability water shares in the Murray above the Barmah Choke, 1 July 2024

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

 

The Murray below the Barmah Choke

The Murray below the Barmah Choke includes trading zones:

• 6B Lower Broken Creek
• 7 Vic Murray – Barmah to South Australia

Map of the system:

Table 03: Owners who hold more than 2% of high reliability water shares in the Murray below the Barmah Choke (trading zones 6B and 7), 1 July 2024
Murray system below the Barmah Choke Total volume in GL	2% threshold in GL	Names of water share owners	Percentage of water they own in the system	Volume of water they own in the system in GL
976	19.5	Commonwealth of Australia	27.0	263.2
		Fresh Country Farms of Australia No. 4 Water PTY LTD	8.0	78.1
		State Street Australia Limited	4.1	40.0
		Perpetual Corporate Trust Limited	2.1	20.0
		Total		401.3

 

Figure 03: A visual representation of the ownership of high reliability water shares in the Murray below the Barmah Choke

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

Who owns water shares in northern Victoria

Map of northern Victoria:

Table 04: Owners who hold more than 2% of high reliability water shares in all trading zones in northern Victoria, 1 July 2024
Northern Victoria Total volume in GL	2% threshold in GL	Names of water share owners	Percentage of water they own in the system	Volume of water they own in the system in GL
2,515	50.3	Commonwealth of Australia	28.1	705.8
		State Street Australia Limited	3.5	87.3
		Fresh Country Farms of Australia No. 4 Water PTY LTD	3.1	78.1
		Perpetual Corporate Trust Limited	2.5	62.8
		Total		934.0

 

Table 05: Water share volume GL in northern Victoria, 1 July 2024
Owner type	Volume of water shares in GL
Private owners	1,717
Environment	747
Water Corporation	50

 

The figure below shows the ownership of all high reliability water shares in northern Victoria. The green slice is the volume held by the Commonwealth Government and the Victorian Environmental Water Holder for environmental use. The blue slice represents water corporations, and the red represents private owners.

Most water shares are owned by private owners.

Figure 04: Volume of high reliability water shares owned by the Environment, Private or Water Corporation in northern Victoria, 1 July 2024

Publishing this information

Part 5A of the Water Act 1989 sets out the purpose of the Victorian Water Register, including to make information about water markets publicly available. This information was published in accordance with section 84EA.

Foreign ownership of water entitlements

Some Victorian water entitlements are foreign owned. The Australian Taxation Office reports on foreign ownership of water. The latest report is at 30 June 2023.

 

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Owners who hold more than 2% of high reliability water shares, 2022–23

Northern Victoria
	Total Volume in Northern Victoria (GL)	Water share owner	% of total	Volume (GL)
Northern Victoria	2,507	Commonwealth of Australia	27.8	697.7
		State Street Australia Limited	3.6	89.7
		Fresh Country Farms of Australia No. 4 Water PTY LTD	3.1	78.1
		Perpetual Corporate Trust Limited	2.2	55.6
		Total		921.1
Goulburn and Murray
	Total Volume in system/trading zone (GL)	Water share owner	% of total	Volume (GL)
Goulburn system (Zone 1A, 1B and 3)	1,116	Commonwealth of Australia	28.7	320.7
		State Street Australia Limited	3.7	41.2
		Perpetual Corporate Trust Limited	2.3	25.4
		Coliban Water Corporation	2.04	22.8
		Total		410.1
Murray above the Barmah Choke (Zone 6)	328	Commonwealth of Australia	32.4	106.2
		Perpetual Corporate Trust Limited	3.9	12.7
		Victorian Environmental Water Holder	3.7	12.2
		State Street Australia Limited	2.6	8.6
		Akuna Holdings PTY LTD	2.5	8.2
		Total		147.9
Murray below the Barmah Choke (Zone 6B and 7)	973	Commonwealth of Australia	26.7	260.1
		Fresh Country Farms of Australia No. 4 Water PTY LTD	8.0	78.1
		State Street Australia Limited	4.1	40.0
		Total		378.2

 

Note for all tables
All information is at 30 June 2023.

Water shares owned by related owners have not been added together. The Victorian Water Register does not collect information about company structures which would be needed to determine which companies are related to one another.

Only where names of water share owners are exactly the same have the water shares been consolidated.

Currently, there are no individuals who own over two per cent of water shares in the systems covered in this report.

State Street Australia Limited is the registered owner of water shares, in its capacity as a custodian.

Who were the largest owners of water in 2022–23?

We define large water owners within a system as any business that owns over two per cent of the high reliability water shares within that water system.

The Goulburn system

The Goulburn system includes trading zones:

• 1A Greater Goulburn
• 1B Boort
• 3 Lower Goulburn

Map of the system:

Table 01: Owners who hold more than 2% of high reliability water shares in the Goulburn (zone 1, 1B and 3), 30 June 2023
Goulburn system Total volume in GL	2% threshold in GL	Water share owner	% of total	Volume (GL)
1,116	22.3	Commonwealth of Australia	28.7	320.7
		State Street Australia Limited	3.7	41.2
		Perpetual Corporate Trust Limited	2.3	25.4
		Coliban Water Corporation	2.04	22.8
		Total		410.1

 

Figure 01: A visual representation of the ownership of high reliability water shares in the Goulburn

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

The Murray above the Barmah Choke

The Murray above the Barmah Choke includes trading zones:

• 6 Vic Murray – Dartmouth to Barmah

Map of the system:

Table 02: Owners who hold more than 2% of high reliability water shares in the Murray above the Barmah Choke (trading zone 6), 30 June 2023
Murray system above the Barmah Choke Total volume in GL	2% threshold in GL	Names of water share owners	Percentage of water they own in the system	Volume of water they own in the system in GL
328	6.5	Commonwealth of Australia	32.4	106.2
		Perpetual Corporate Trust Limited	3.9	12.7
		Victorian Environmental Water Holder	3.7	12.2
		State Street Australia Limited	2.6	8.6
		Akuna Holdings PTY LTD	2.5	8.2
		Total		147.9

 

Figure 02: A visual representation of the ownership of high reliability water shares in the Murray above the Barmah Choke

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

The Murray below the Barmah Choke

The Murray below the Barmah Choke includes trading zones:

• 6B Lower Broken Creek
• 7 Vic Murray – Barmah to South Australia

Map of the system:

Table 03: Owners who hold more than 2% of high reliability water shares in the Murray below the Barmah Choke (trading zones 6B and 7), 30 June 2023
Murray system below the Barmah Choke Total volume in GL	2% threshold in GL	Names of water share owners	Percentage of water they own in the system	Volume of water they own in the system in GL
973	19.5	Commonwealth of Australia	26.7	260.1
		Fresh Country Farms of Australia No. 4 Water PTY LTD	8.0	78.1
		State Street Australia Limited	4.1	40.0
		Total		378.2

 

Figure 03:A visual representation of the ownership of high reliability water shares in the Murray below the Barmah Choke

Each water share owner is represented by a circle. The size of the circle represents the total volume of high reliability water shares held by each owner. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold.

Who owns water shares in northern Victoria

Map of northern Victoria:

Table 04: Presents owners who hold more than 2% of high reliability water shares in all trading zones in northern Victoria
Northern Victoria Total volume in GL	2% threshold in GL	Names of water share owners	Percentage of water they own in the system	Volume of water they own in the system in GL
2,507	50	Commonwealth of Australia	27.8	697.7
		State Street Australia Limited	3.6	89.7
		Fresh Country Farms of Australia No. 4 Water PTY LTD	3.1	78.1
		Perpetual Corporate Trust Limited	2.2	55.6
		Total		921.1

 

Table 05: Water share volume GL in northern Victoria
Owner type	Volume of water shares in GL
Private owners	1,720
Environment	739
Water Authority	48

 

Figure 04: Pie chart showing the total volume of high reliability water shares owned by the Environment, Private or Water Authority in northern Victoria

The figure below shows the ownership of all high reliability water shares in northern Victoria. The green slice is the volume held by the Commonwealth Government and the Victorian Environmental Water Holder for environmental use. The blue slice represents water corporations, and the red are the private owners.

Most water shares are owned by private owners.

Publishing this information

Part 5A of the Water Act 1989 sets out the purpose of the Victorian Water Register, including to make information about water markets publicly available. This information was published in accordance with section 84EA.

Foreign ownership of water entitlements

Some Victorian water entitlements are foreign owned. The Australian Taxation Office reports on foreign ownership of water. The latest report is at 30 June 2022, link here.

 

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Owners who hold more than 2% of high reliability water shares in 2021/22

1 - For further information on commonwealth environmental water holdings visit https://www.environment.gov.au/water/cewo/about/water-holdings
2 - For further information on the VEWHs water portfolio visit https://www.vewh.vic.gov.au/watering-program/how-much-water-is-available

Who were the largest owners of water in 2021/22?

This page provides insights to address community interest in water ownership, focusing on high reliability water shares in northern Victoria.

We define large water owners within a system as any business that owns over 2% of the water within that system.

 The Goulburn system 

The Goulburn system includes trading zones:

• 1A Greater Goulburn
  1B Boort
  3 Lower Goulburn

 

Owners who hold more than 2% of high reliability water shares in the Goulburn system

A visual representation of the ownership of water shares in the Goulburn system

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

The Murray system above the Barmah Choke 

The Murray system above the Barmah Choke includes trading zones:

• 6 Vic Murray – Dartmouth to Barmah

Owners who hold more than 2% of high reliability water shares in the Murray system above the Barmah Choke 

A visual representation of the ownership of water shares in the Murray system above the Barmah Choke

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

The Murray system below the Barmah Choke

 The Murray system below the Barmah Choke includes trading zones:

• 6B Lower Broken Creek
  7 Vic Murray - Barmah to South Australia
  

Owners who hold more than 2% of high reliability water shares in the Murray system below the Barmah Choke

A visual representation of the ownership of water shares in the Murray system below the Barmah Choke

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

Who owns water shares in northern Victoria?

Map of northern Victoria

 

Owners who hold more than 2% of high reliability water shares in all trading zones in northern Victoria

Pie chart showing the total volume owned by the Environment, Private or Water Authority in northern Victoria

The pie chart below shows the ownership of all high reliability water shares in northern Victoria. The green slice is the volume held by the Commonwealth Government and the Victorian Environmental Water Holder for environmental use. The blue slice represents water corporations, and the red are the private owners.

Most water shares are owned by private owners.

Table showing the total volume owned by the Environment, Private or Water Authority in northern Victoria

 

Publishing this information

Part 5A of the Water Act 1989 sets out the purpose of the Victorian Water Register, including to make information about water markets publicly available. This information was published in accordance with section 84EA. 

Foreign ownership of water entitlements

Some Victorian water entitlements are foreign owned. The Australian Taxation Office reports on foreign ownership of water.

 

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Owners who hold more than 2% of high reliability water shares in 2020/21

 

1 - For further information on commonwealth environmental water holdings visit https://www.environment.gov.au/water/cewo/about/water-holdings
2 - For further information on the VEWHs water portfolio visit https://www.vewh.vic.gov.au/watering-program/how-much-water-is-available

Who were the largest owners of water in 2020/21?

This page provides insights to address community interest in water ownership, focusing on high reliability water shares in northern Victoria.

We define large water owners within a system as any business that owns over 2% of the water within that system.

 The Goulburn system 

The Goulburn system includes trading zones:

• 1A Greater Goulburn
  1B Boort
  3 Lower Goulburn

 

Owners who hold more than 2% of high reliability water shares in the Goulburn system

A visual representation of the ownership of water shares in the Goulburn system

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

The Murray system above the Barmah Choke 

The Murray system above the Barmah Choke includes trading zones:

• 6 Vic Murray – Dartmouth to Barmah

Owners who hold more than 2% of high reliability water shares in the Murray system above the Barmah Choke 

A visual representation of the ownership of water shares in the Murray system above the Barmah Choke

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

The Murray system below the Barmah Choke

 The Murray system below the Barmah Choke includes trading zones:

• 6B Lower Broken Creek
  7 Vic Murray - Barmah to South Australia
  

Owners who hold more than 2% of high reliability water shares in the Murray system below the Barmah Choke

A visual representation of the ownership of water shares in the Murray system below the Barmah Choke

Each water share is represented by a circle. The size of the circle represents the volume of the water share. The colour represents whether the water share is owned by the environment (green), privately (red) or by a water corporation (blue). The named circles represent the water share owners above the 2% threshold. 

Who owns water shares in northern Victoria?

Map of northern Victoria

 

Owners who hold more than 2% of high reliability water shares in all trading zones in northern Victoria

Pie chart showing the total volume owned by the Environment, Private or Water Authority in northern Victoria

The pie chart below shows the ownership of all high reliability water shares in northern Victoria. The green slice is the volume held by the Commonwealth Government and the Victorian Environmental Water Holder for environmental use. The blue slice represents water corporations, and the red are the private owners.

Most water shares are owned by private owners.

Table showing the total volume owned by the Environment, Private or Water Authority in northern Victoria

 

Publishing this information

Part 5A of the Water Act 1989 sets out the purpose of the Victorian Water Register, including to make information about water markets publicly available. This information was published in accordance with section 84EA. 

 

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Who were the largest owners of water in 2019/20?

This page provides insights to address community interest in water ownership, focusing on northern Victoria for the 2019-20 irrigation season.

During consultation in 2019 the community asked to know the names of the largest holders of water in each area. The agreed definition of large resulting from this consultation was anyone owning over two per cent of water in a system.

A small number of owners meet the 2% threshold and are listed below.

The Commonwealth Government is the largest single owner of water shares in both the Goulburn and Murray systems.

Owners who hold more than 2% of high reliability water shares

1 - For further information on commonwealth environmental water holdings visit https://www.environment.gov.au/water/cewo/about/water-holdings
2 - For further information on the VEWHs water portfolio visit https://www.vewh.vic.gov.au/watering-program/how-much-water-is-available
3 - State Street Australia Limited is the registered owner of these water entitlements in its capacity as custodian. The beneficial owner of the economic interest in these water entitlements is Aware Super Pty Limited as trustee of the Aware Superannuation Scheme
4 - Australian Executor Trustees Limited is the registered owner of these water entitlements in its capacity as custodian. The beneficial owner of the economic interest in these water entitlements includes the Argyle Water Fund

What proportion of water shares are not tied to land?

People often ask if water is tied to land or not, as they want to know if the water is owned by irrigators. However, looking at water shares not tied to land is not really an accurate indicator of whether those owners are active water users or not. The Commonwealth Government holds most of their water not tied to land but typically uses all their water each year.

Water shares can be tied to land or not:

• A water share that is tied to land is linked to a water use licence, which is a right to irrigate a specific parcel or parcels of land.
• Water share owners can choose whether to tie their water share to land or not – for example some people choose to do so for administrative ease or for financial reasons such as minimising fees.

In 2019-20, 386 GL of privately owned high reliability water shares in northern Victoria are not tied to land. 

This is 16 per cent of a total 2,455 GL water shares, up from 12 per cent reported for 2017-18 (see Water Market Trends: Updated Trends in Northern Victoria Water Trade 2001-2018).

Who owns the rest of the water shares?

The figure below shows the ownership of all high reliability water shares in northern Victoria. Each water share is shown as a box and the size of the box is proportional to its volume. The large green box is the volume held by the Commonwealth Government for environmental use. The blue boxes represent all the many private owners, and orange are the water corporations.

Nearly 60% of water shares are privately owned shares smaller than 360 ML, these are all the small blue boxes.

 

Foreign ownership of water entitlements

Some Victorian water entitlements are foreign owned. The Australian Taxation Office reports on foreign ownership of water, the latest report is on their website. At 30 June 2019, 3.4% of Victorian water entitlements were foreign owned. Australia wide 10.5% of water entitlements are foreign owned.

Publishing this information

Part 5A of the Water Act 1989 sets out the purpose of the Victorian Water Register, including to make information about water markets publicly available. This information was published in accordance with section 84EA. 

This page provides important information about the trade application submission process for the Barmah and Goulburn-to-Murray trade openings.

Applicants will be notified of the timing of the submission window in advance of every trade opening event. For information about dates, volumes, and times of the next trade openings go to Victorian Water Register news or contact waterregister.support@deeca.vic.gov.au.

You can scroll down, or click on one of the following points to jump straight to the relevant information:

• Step 1: What to do before the start of the trade application ‘submission window’
• Step 2: Submit your trade application(s) during the submission window 
• Step 3: Randomisation of trade applications to create a processing order
• Step 4: Processing of Trade Applications

Step 1: What to do before the start of the trade application ‘submission window’

Preparing for the trade opening

Know your ABA’s tradable volume (less any pending trades) at the start of the submission window.

Make sure your application(s) will be eligible for inclusion in the randomisation process. A trade application submitted during the submission window, is eligible for inclusion in the randomisation process only where the volume of that application, when added to the volume of all previously lodged (pending) applications for that seller account (ABA), does not exceed the volume available to trade that was recorded for that ABA at the beginning of the submission window.

In all instances, a trade application to ‘trade remaining balance’ is not eligible for inclusion in the randomisation process.

Q1.1. Which trade applications will be eligible for inclusion in the randomisation process?

DEECA will assess applications using the documented application processing procedure (PDF, 169 kb).

For any one seller ABA, the total volume submitted (whether singly or via multiple trade applications) for consideration into the randomisation process cannot exceed the volume of tradable allocation available in that ABA at the start of the submission window. In addition, and in all instances, a trade application to ‘trade remaining balance’ is not eligible for inclusion in the randomisation process

If you wish to submit multiple trade applications, the best way to determine if each application will be eligible is to:

• Find the tradable balance of the seller ABA.
• Deduct the seller volume pending (volume of all pending trade out applications) for that seller ABA.
• Check that the resulting volume is greater than or equal to the volume of the proposed new trade application.

For clarity, please see the examples below:

Example # 1

ABA000011 has a balance of 200 ML at the start of the submission window.

Trade application ALL020000 for 200 ML is submitted – this application is eligible for inclusion in the randomisation process.

Example # 2

ABA000012 has a balance of 200 ML at the start of the submission window.

Trade application ALL020001 for 100 ML is submitted – this application is eligible for inclusion in the randomisation process.

Trade application ALL020002 for 100 ML is submitted – this application is eligible for inclusion in the randomisation process.

Trade application ALL020003 for 100 ML is submitted – this application is not eligible for inclusion in the randomisation process.

Example # 3

ABA000013 has a balance of 200 ML at the start of the submission window.

Trade application ALL020004 for 100 ML is submitted – this application is eligible for inclusion in the randomisation process.

Trade application ALL020005 for 90 ML is submitted – this application is eligible for inclusion in the randomisation process.

Trade application ALL020006 to Trade Remaining Balance (TRB) is submitted – this application is not eligible for inclusion in the randomisation process.

Please note, from July 2025, applications to ‘Trade Remaining Balance’ will not be eligible for inclusion in the randomisation process.

This is an update from the procedure in the October and December 2024 Goulburn-to-Murray trade openings, where applications submitted via the Broker Portal that included ‘Trade Remaining Balance’ were eligible for randomisation.

Q1.2. How do I calculate the volume in my ABA at the start of the submission window?

For each ABA, find the tradable balance and deduct the seller volume pending (volume of all pending trade out applications) for that ABA. This resulting volume is the volume available to trade at the start of the submission window.

• To find the tradable balance of an ABA in My Water, hover over “Account” in the navigation bar, then click “Accounts list” (see the illustrations below).
• To find the seller volume pending on an ABA, click on the ‘Accounts details’ button for that ABA (represented in the illustration below by a blue circle with two people). Scroll down and note the ‘Seller volume pending in Water Register (ML)’.

The following illustration highlights where you can find trade volume information on the ‘Accounts Details’ page of your My Water account:

 Step 2: Submit your trade application(s) during the submission window

Submission window

Applicants will be notified to the timing of the submission window in advance of every trade opening event via the Victorian Water Register news.

Applicants should submit trade applications that they would like considered for the Barmah trade opportunity and/or the Goulburn-to-Murray trade opportunity within the submission window.

There is no pressure to be at the front of the queue – trade applications can be submitted at any time during the submission window. A customer who submits a trade application at the start of the window will have the same chance at having their application succeed as a customer who submits at the end of the window.

All Victorian trade applications will be referred to manual processing during the submission window.

Q2.1. How does the submission window work?

The submission window is a seven-hour window at the start of a scheduled trade opening, when trade applications for the Barmah and Goulburn-to-Murray trade opportunities can be lodged with the Victorian Water Register. Eligible applications submitted at any time during this window will be considered for the relevant trade opportunity.

Water market participants can submit applications at any time during this window – you are not required to submit your application as soon as the window opens. An application submitted at the start of the window will have the same chance of being approved as an application submitted at the end of the window. You are encouraged to lodge applications throughout the submission window.

Q2.2. How do I submit a trade application(s) during the submission window?

No changes have been made to the steps required to submit a trade application.

This means you will continue to use the My Water platform or Broker Portal to fill out, submit and pay for applications including all the relevant information normally required for a trade to be considered.

Q2.3. Are the trade application fees the same?

Yes.

There are no changes to the cost of submitting a trade application during the Barmah and Goulburn-to-Murray trade openings. As in previous manually-processed trade openings, fees are payable for all trade applications – whether they are rejected , approved, or refused – to cover the cost of processing.

Q2.4. Is there a limit on how many applications I can submit during the submission window?

No, there is no limit on how many applications you can submit, but there are rules around which applications will be eligible for inclusion on the randomisation list.

Q2.5. Where can I see my pending trade applications during the submission window?

If you wish to check that your trade applications have been lodged during the submission window navigate to ‘List of applications’ within the ‘Trade’ Menu of My Water. This will take you to a page that lists allocation trade applications for your allocation accounts. Any trade submitted during the submission window will appear in this list .

If the status of the application(s) is recorded as ‘With water authority’ then the application has been submitted and will be checked for eligibility for inclusion in the randomisation process.

Q2.6. What if my application unexpectedly comes back as refused?

If your trade application is automatically refused – you may have submitted an application for a volume greater than the volume available to trade in your ABA at the time your application was submitted.

If you receive a notification of a refused trade and this is unexpected – please email waterregister.support@deeca.vic.gov.au during the submission window and include your phone number. We will contact you as soon as possible.

Step 3: Randomisation of trade applications to create a processing order

Randomisation approach

DEECA (and WaterNSW for the Barmah trade opening) will identify all eligible applications and include them in the randomisation process.

A randomisation tool will be applied that will sort the eligible applications into a randomly generated order. This is the processing order that will be used for manual processing.

Q3.1 How will the randomisation of the eligible trade applications be undertaken?

Barmah Trade Opening

Once DEECA and WaterNSW have (separately) completed the eligibility checks for Barmah trade applications they received during the submission window, each state’s eligible applications will be combined into one list.

Each application in this combined list will be assigned a random decimal number between 0 and 1. This will be done using the standard Excel Random function.

The list of eligible applications will then be sorted by the random decimal number, from smallest to largest. That order will become the processing order for Barmah trade applications.

The Barmah opening will follow the procedures as outlined in the Joint Protocol for Trade Application Submissions, Assessment and Processing (Victoria and NSW) (PDF, 1.8 MB).

Goulburn-to-Murray Trade Opening

Once DEECA has completed eligibility checks for all Goulburn-to-Murray trade applications received during the submission window, the eligible applications will be listed on an Excel spreadsheet.

Each application in this list will be assigned a random decimal number between 0 and 1. This will be done using the standard Excel Random function.

The list of eligible applications will then be sorted by the random decimal number, from smallest to largest. That order will become the processing order for Goulburn-to-Murray trade applications.

Q3.2. Will the randomisation process be audited?

To provide water market participants with confidence in the integrity of the process, the randomisation of eligible trade applications will be recorded and observed by the ACCC as an independent third party. The outcome of the randomisation step will be provided to the ACCC for record-keeping.

The ACCC will observe the execution of the randomisation process and attest that the process was undertaken correctly, with no interference observed.

The ACCC will undertake this role for the randomisation of Victorian and New South Wales’ eligible Barmah trade applications, and separately for the randomisation of eligible trade applications for the Goulburn-to-Murray trade opening.

Step 4: Processing of Trade Applications

Processing approach

Applications will be processed one at a time, working down the randomised list from start to finish.

Applications will be approved or refused based on standard rules for processing trade applications, considering the trade opportunity and volume available to be traded in the seller ABA, at the time of processing.

Water market participants will be advised (via normal channels) once processing has been completed and when automated trade application processing will be turned back on.

Q4.1. When will applications made during the submission window start to be processed?

For information about dates, volumes, and times of a particular trade opening go to Victorian Water Register news or contact waterregister.support@deeca.vic.gov.au.

Trade applications made during the submission window will, generally, start being processed on the following day.

Applications will be approved or refused based on standard rules for processing trade applications, with consideration of the remaining volume of trade opportunity and the volume available to trade in the seller ABA at the time of processing.

Note that the seller ABA balance could change between the submission window and the processing time, this could be due to usage posting or the approval of other trade applications after the submission window (e.g. an intravalley trade within zone 1A Goulburn).

Q4.2. How will I be notified about the outcome of my application?

As trade applications are processed by the water corporations, customers will be notified of their application outcome through standard avenues.

Email notification, in all instances, is sent only to the lodging party – the person that entered the trade application into My Water or into the Broker Portal. When a trade application is submitted by a broker, via the Broker Portal, then this broker will pass on the outcome notification to the seller and the buyer as required under the conditions of the Broker Agreement.

Q4.3. How does tagged use interact with trade opportunity under the Goulburn to Murray trade rule?

Tagged use is allowed when allocation trade is possible and restricted when allocation trade limits would prevent an allocation trade being approved, consistent with the Murray-Darling Basin Plan Water Trading Rules section 12.23.

Both allocation trade and use under tagged arrangements are subject to availability under the Goulburn to Murray trade rule.

How tagged use is managed has not changed, and tagged use will continue to reduce the available opportunity when it occurs.

Tagged use is people in the Murray using Goulburn water on their farms and is a legitimate but alternative way of moving water between systems.

Commercial Market Insights

This dashboard presents visualisations across the wider market focusing on recent activity over the past 12 months and market information from previous years.  The intent is to provide a flexible and easy to understand picture of market activity that can be filtered to provide a deeper insight.

Each visualisation presents a summary of the market price, applications and volume supported by a detailed graph plotting individual trades across time by price.  Each plot point is sized based on the volume of the trade and is complimented by a median price trend line.

How do I use the commercial markets insights dashboard?

Allocation Trade Data

Here you can access a list of all allocation trades which occurred within the regulated water systems for a selected region and year.

You can use this data for your own analysis. For example, to analyse the volumes of trade which occurred between private water holders, environmental water holders and water corporations; or, to assess the total volume of commercial trades in a particular year.

The Victorian Government introduced long-term operating rules for the lower Goulburn River on 1 July 2022. These rules set limits on the volume of regulated water that can be delivered through the lower Goulburn River to the Murray River over summer and autumn, striking a balance between enabling delivery of traded water and avoiding further environmental damage. The rules provide maximum permissible delivery rates and minimum periods of low flow to ensure that the delivery of water through the lower Goulburn can occur in a more sustainable pattern.

Download PDF – Operating Rules for the lower Goulburn River (512 Kb)

Goulburn Operating Plan – Ensuring long-term commitment to operating rules

The Victorian Government has released a Goulburn Operating Plan for 2023–24 to ensure that water from the Goulburn IVT account is delivered within the sustainable limits set out in the long-term Operating Rules for the lower Goulburn River over the 2023–24 water year.

Download PDF – Goulburn Operating Plan for 2023–24 (598 Kb)

The Goulburn Operating Plan for 2023–24 has been developed by the Murray-Darling Basin Authority and Victorian river operators, and the Department of Energy, Environment and Climate Action.

The plan outlines the principles and responsibilities for decision making for the delivery of water from the Goulburn IVT account to the Murray system in 2023–24. The plan considers seasonal conditions and recognises the sustainable operating limits for summer and autumn set out in the Operating Rules for the lower Goulburn River. The operating plan also includes an operating outlook for the planned delivery of water from the Goulburn IVT account under possible climate and inflow scenarios in 2023–24.

The volume of water delivered from the IVT account will vary depending on seasonal factors including the volume of net trade from the Goulburn to the Murray system, water use in the Murray, the extent of unregulated flows in the Murray and Goulburn and levels in downstream storages.

This year’s operating plan is an ‘in principle’ agreement between Victoria and the Murray-Darling Basin Authority while long-term arrangements are developed that achieve an enduring commitment to adhere to the operating rules in the future.

Download PDF – FAQs Goulburn Operating Plan for 2023–24 (195 Kb)

The previous Goulburn Operating Plan for 2022–23 is available here.

History and background to the development of the Operating Rules for the lower Goulburn River

The operating rules were informed by the findings of an independent scientific panel who, in 2021–22 as part of the Goulburn to Murray Trade Review Regulatory Impact Statement process, assessed the risks and opportunities of a range of flow scenarios in the lower Goulburn to understand the likely environmental outcomes of possible future management frameworks.

Overall, the independent scientific panel reported that they expect the adopted operating rules to minimise further environmental damage, which was observed in 2017–18 and 2018–19 when large volumes of water were delivered to the Murray through the lower Goulburn River in sustained high flows over summer and autumn. The Panel also identified significant uncertainty as to how the rules will enable environmental recovery over time, and recommended further monitoring.

The operating rules were also informed by the findings of a bio-cultural assessment undertaken in partnership with Traditional Owners, as well as additional consultation and recreational assessments.

The operating rules work in parallel with the Goulburn to Murray trade rule to ensure that water allocation trade from the Goulburn system can only occur up to what can sustainably be delivered under the operating rules, mitigating further environmental damage and ensuring that trade from the Goulburn will not increase delivery risks in the Murray. You can find out more about delivery risks here.

A key change from the previous trade and operating rules is that delivery of water from the Goulburn Inter-Valley Trade (IVT) account no longer opens up new trade opportunity. This means that river operators have the flexibility to manage delivery of water from the Goulburn in a way that makes the best use of Victoria’s resources, without restricting trade opportunity. You can read more about the Goulburn to Murray trade rule review here.

Ongoing environmental and bio-cultural monitoring in the lower Goulburn River will occur in collaboration with scientists, environmental managers and Traditional Owners. Where opportunities arise an adaptive management approach will be used to apply new information and on-going learning to the operating rules, while also recognising and balancing the other demands on the river.

Some frequently asked questions and answers have been developed here that provide further information about the trade and operating rules, and a fact sheet has been prepared describing the features of the operating rules here.

The Department of Environment, Land, Water and Planning (DELWP) has completed a review of the Goulburn to Murray trade rule, following concerns about environmental damage to the lower Goulburn River from delivering unseasonal high flows of traded water to downstream users.

DELWP has completed the final step for the Goulburn to Murray trade review and the regulatory impact statement (RIS) process, with the Minister for Water announcing long-term trade and operating rules. You can read the Minister’s media release here. You can also view the notice of decision and statement of reasons on the Engage Victoria website.

The long-term rules are in effect from 1 July 2022 and seek to strike the balance of supporting trade that water users rely on without causing further environmental damage and respecting the health of the lower Goulburn River.

These new rules are the culmination of work commencing in 2019, which involved extensive consultation and working in partnership with Traditional Owners, river operators, scientists, and environmental waterway managers to assess options to improve environmental, bio-cultural, recreational and economic outcomes.

Information on the long-term trade and operating rules is available in this news item and in the fact sheets and frequently asked questions below. You can continue to find out real time trade opportunities here and using the Where can I trade tool.

These long-term rules build on the RIS undertaken in 2021 and include what we learnt from testing interim rules in 2021-22. We worked closely with Traditional Owners, waterway managers, scientists, river operators, recreational water users, irrigators, water market participants and the community to gather additional evidence to assess the impacts of interim rules on trade and river operations, as well as ecological, cultural and recreational values. Through 2021-22, this work included seven additional assessments:

• River operations: delivering inter-valley trade and managing shortfall risks – Working through the Joint Venture and with an independent assessment of how we considered shortfall risks, we examined third party impacts and developed risk reduction measures to ensure trade rules do not create unacceptable risks.
• Trade – We reviewed how trade opportunity under the interim rules was enabled and how water market participants interacted with the interim rule.
• Ecological – A scientific advisory panel updated their assessment used for the RIS on risks and opportunities associated with the interim operating rules, with more of a focus on pulses and incorporating lessons from recent years of environmental monitoring.
• Bio-cultural – Traditional Owners (Yorta Yorta Nation Aboriginal Corporation and Taunguring Land and Waters Council) assessed the impact of the interim rules on bio-cultural values.
• Recreational – Geomorphologists used data to analyse the impacts of the interim rules on popular recreational sites.
• Feasibility of delivering larger pulses – We worked with Goulburn-Murray Water to determine the feasibility of delivering larger pulses while a study into relocating in-channel irrigation pumps continues.
• Tagged use – We assessed tagged use and trade behaviour in the Lower Broken Creek to propose an option ahead of the exemption expiring on 30 June 2022.

The findings of each assessment are summarised in the report below.

The complete analysis to inform the long-term decision can be find in the technical reports below.

Consultation and what we heard

The feedback that we received during the interim year and on the recommended refinements to the rules from key stakeholders, partner agencies and community members is consolidated in Closing the Loop Report – Interim Year and Final Decision, available below.

This report builds on what we heard through the Goulburn to Murray RIS process, summarised in the report below.

Submissions and survey responses that we received on the RIS are publicly available on the Engage Victoria website.

We would like to thank all those who made submissions or provided feedback as part of consultation throughout this review.

Enduring tagged water use regulations

In November 2021, the Minister for Water, Lisa Neville, announced that interim regulations restricting tagged water use in line with trade were to be made enduring, with the proposed making of the Water (Tagged Water Allocations) Regulations 2021. These regulations enable the restriction of tagged water use in line with allocation trade to keep a level playing field for all types of trade and prevent tagged water being used to get around trade limits.

An exemption from this restriction on tagged use will continue for the Lower Broken Creek, while we monitor how water is used on the Creek. This acknowledges that water delivered to the lower Broken Creek at current levels does not impact the health of the lower Goulburn River A further review will be undertaken in four years or if trade and use patterns show an increasing risk before the review period

Prior to 1 July 2024, an exemption from this restriction was also in place under section 12.23 of the Basin Plan for ‘grandfathered’ tagged entitlements established before 22 October 2010. From 1 July 2024 amendments to the Basin Plan removing this exemption take effect through the commencement of the Commonwealth Water Amendment (Restoring Our Rivers) Act 2023. For more information about the removal of the exemption please see this news announcement.

The enduring regulations and associated Ministerial Determination enabling the restriction of tagged water use in line with allocation trade were updated in 2024. Copies of the current regulations, Ministerial Determination and Frequently Asked Questions are available here.

Interim Goulburn to Murray trade and operating rules tested in 2021-22

The Acting Minister for Water Richard Wynne announced that from 1 July 2021 to 30 June 2022 a two-part trade rule would be in effect for Goulburn to Murray inter-valley trade, matched to operating rules with lower and more variable flows. You can read the acting Minister’s media release here.

The interim rules were based on public consultation on the RIS, on changes to the trade rule as part of the Goulburn to Murray trade review. The interim trade and operating rules gave certainty for the 2021-22 water year, while further testing and analysis of complementary interim operating rules was undertaken.

Information on the interim trade and operating rules is available in this news item and in the fact sheets below.

Regulatory Impact Statement

The (RIS) consultation paper was released in March 2021. You can read the Minister’s media release here, and view the RIS consultation paper and attachments below.

Public consultation on the RIS included a mixture of online webinars, online drop-in sessions and small group face to face consultation undertaken in line with Covid-19 health advice. Recordings of some of these sessions are available via the links below.

 

• Webinar: Agriculture Victoria webinar series – Goulburn to Murray trade and Murray delivery risks
  • Wednesday 24 March, 1:00pm – 2.00pm. To watch a recording of this webinar click here or use the recording below.

• Webinar: Goulburn to Murray trade review – Lower Broken Creek
  • Thursday 8 April, 10.00am – 12.00pm. To watch a recording of the webinar use the recording below.

 

About the RIS

The RIS identified options for operating rules that mean lower and more variable flows over summer and autumn, when the river would naturally be lower, and trade rules that match what can sustainably be delivered under the proposed operating rules without increasing delivery risks. The RIS also identified options for restricting tagging arrangements in line with allocation trade rules and further looks at options for restricting grandfathered tagged arrangements in Victoria.

Trade rule options were then refined after initial community consultation held in 2020. More information on this consultation period is available below. The operating rules proposed were developed based on scientific evaluation of the environmental risks for the lower Goulburn river (see links below).

As part of the RIS, infrastructure options were also assessed to improve outcomes in future under the proposed long-term operating, trade and tagging arrangements.

The RIS also looked at options for managing trade from the Goulburn system to the Lower Broken Creek, which is part of the Murray system. An additional consultation paper was prepared on these options and is available below. 

Additional technical attachments were also released alongside the RIS as key information for understanding the ecological tolerances of the lower Goulburn River. You can get a copy of the technical attachments to the RIS below.

The draft legislative instruments proposed as part of the regulatory impact statement are below.

Background to the review

To limit further damage in 2019-20 the Minister for Water announced three key actions in August 2019, to reduce the risk to the lower Goulburn River and to get future market settings right for Goulburn to Murray trade. These were:

• an interim operational regime to achieve variable summer and early autumn flows in the lower Goulburn River (implemented from December 2019);
• bringing all trade under the same rules so that use from a tagged account is subject to the same 200 GL inter-valley trade (IVT) limit as allocation trades (changes made on 12 December 2019); and
• the Department of Environment, Land, Water and Planning (DELWP) beginning public consultation on changes to the Goulburn to Murray trade rule in early 2020.

The Department of Environment, Land, Water and Planning has previously released a series of factsheets below outlining the findings from the first stage of the review, including the impact to the environment, the changes in trade rules and IVT deliveries and what to expect in 2019-20.

Initial public consultation was held between March and June 2020 on potential changes to the Goulburn to Murray trade rule, as well as on potential options for managing trade between the Goulburn and Lower Broken Creek. A closing the loop report summarising what we heard is available below.

In line with Covid-19 health advice, much of this consultation was held online, with a series of webinars available on the Engage Victoria website here.

A copy of the initial consultation paper on trade rule options and attachments are available below.

 

The Victorian government is committed to increasing water market transparency, including about the practices of water brokers. This includes maintaining a current listing of the names of water brokers that meet government standards required for using Victoria’s online Broker Portal or API (the portal).

The Department of Energy, Environment and Climate Action (DEECA) audits water broker firms that use the portal to monitor broker compliance with their portal access obligations.

This Water Broker Status Report (below) lists broker firms that were included in DEECA’s latest annual broker audit and brokers that have started using the portal after the last audit period. It shows the portal access status and insurance cover of each of these brokers. This report will be updated after each annual audit of water brokers and as needed throughout the year.

Water broker status report^ for portal access and insurance cover 

Water broker	Has access to the broker portal/API	*Has professional indemnity insurance
Advance Water Trade	Yes	Yes
Agnvet Management Services Pty Limited	Yes	Yes
Argyle Capital Partners Pty Ltd	Yes	Yes
Charles L King & Co	Yes	Yes
Elders Rural Services Australia Ltd	Yes	Yes
Elstone Agency Pty Ltd	Yes	Yes
Gordon Agencies Pty Ltd	Yes	Yes
Graeme Hayes Real Estate Pty Ltd	Yes	Yes
H2OX Pty Ltd	Yes	Yes
Integra Water Services	Yes	Yes
Key Water Commodities Pty Ltd	Yes	Yes
Kilter Pty Ltd	Yes	Yes
National Water Brokers	Yes	Yes
Paul Smith Water Sales	Yes	Yes
PMR Assets Pty Ltd	Yes	Yes
Progressive Agriculture	Yes	Yes
Southern Rivers Water Brokers	Yes	Yes
Terra Ag Rural Agencies Pty Ltd	Yes	Yes
True Blue Water Exchange Pty Ltd	Yes	Yes
Water Exchange Australia Pty Ltd trading as Wilks Water	Yes	Yes
Waterfind Pty Ltd	Yes	Yes
Water Partners (Aust) Ltd	Yes	Yes
Wex Water Pty Ltd	Yes	Yes

Notes:
^ Last updated 1 October 2024 
*At least $5M of professional indemnity insurance is a mandatory requirement for any broker entering an agreement with DEECA to use the Victorian Broker Portal. This requirement is checked when a broker signs up and through the broker audit process. In the intervening periods, it is possible for a broker firm to be non-compliant with this requirement without the Department’s knowledge.

WATER BROKER AUDITS

Since 2013–14, DEECA has conducted an annual audit of water brokers that use the Victorian Broker Portal or Broker API. According to the Access Agreement signed by each water broker, the audit is a condition of ongoing access to these facilities.

As part of the audit, DEECA uses an independent auditor which assesses broker firms for compliance with the Access Agreement. The audit gives a degree of broker regulation and is significant in that it covers most of the allocation trades in northern Victoria.

To date, a summary of the key findings of the audit has been made public each year on the Victorian Water Register website. These public summary reports are available below.

 

Trade opportunities each year between zones

The ability to trade water between different trading zones maybe subject to trade limits on the amount of allocation that can be transferred between zones.

Find out more about the trading limits, opportunities and the trade limit components applicable between buying and selling trading zones using the visualisations below. They provide insights into the current year and prior years trade limits, trade opportunities between trading zones, comparison of trade limits over time, and the trade limit components.

How do I use the trade opportunities each year between zones dashboard?