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The Guide to the proposed Basin Plan is discussed in the context of the proposed sustainable diversion limits (SDLs) for the southern connected Murray River. The emphasis is on whether the Basin Plan can deliver on the economic efficiency goals set out in the Water Act 2007. While the discussion is by no means exhaustive, a number of issues of concern are raised. First, the tendency for a market-price premium in the Goulburn Valley in some years means that the expected opportunity cost of water in sourcing Murray water from the Goulburn is higher than it is elsewhere. This has not been considered in determining the amount of contribution the tributaries and the main channel should make to the Murray flow requirements—contravening economic-efficiency criteria. The question of the impact of environmental water plans on irrigation reliability is also raised. An example is presented in which it is shown that the economic impact of a spring-flow regime prescribed for the Goulburn by Cottingham et al. (2003) is 75 per cent higher when the impact of reliability is accounted for, compared with an analysis conducted on the mean loss in diversions. That reliability has been deemed to be ‘off the agenda’ is a serious shortcoming of the Guide. There are many unanswered questions regarding how the operation of environmental watering plans will affect delivery of water for irrigation and how these might affect the water market. Thorough economic analysis of these issues should be undertaken before the Environmental Water Plan is finalised.

Economic Perspectives of the Proposed Basin Plan for the Southern Connected Murray