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Since January 2008, the Australian Government’s Water for the Future initiative has secured at least 705 gigalitres (long-term cap equivalent, or LTCE) of surfacewater entitlements through the Restoring the Balance (RTB) environmental water buyback. The Government has $1.8 billion remaining in RTB for future entitlement purchases, and to close the 2300–3300 GL environmental watering gap defined in the Guide to the proposed Basin Plan. The Government has indicated a willingness to draw deeper into the public purse to close the environmental watering gap if required. The Government has emphasised that environmental water buybacks have been made, and will continue to be made, from willing sellers. A counterargument is that by conducting environmental water buybacks during the worst drought sequence in 100 years, the Government is predatorily acquiring water from ‘forced’ rather than ‘willing’ sellers.

Irrigators, Water Trading, the Environment and Debt: Buying water entitlements for the environment