Submission to Department of Sustainability, Environment, Water, Population and Communities

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1 Submission to Department of Sustainability, Environment, Water, Population and Communities Commonwealth Environmental Water - Trading Arrangements May,

2 Cotton Australia Cotton Australia is the key representative body for the Australian cotton growing industry. It helps the industry to work together to be world competitive and sustainable, and also tell the good news about the industry s achievements. Cotton Australia determines and drives the industry s strategic direction, retaining its strong focus on R&D, promoting the value of the industry, reporting on its environmental credibility, and implementing policy objectives in consultation with its stakeholders. Cotton Australia works to ensure an environment conducive to efficient and sustainable cotton production. It has a key role in Best Management Practices (MyBMP), an environmental management program for growers. This work has seen a significant improvement in the environmental performance of the industry, with huge improvements in water use efficiency, significant reductions in pesticide use, and millions of dollars invested into R&D. The Australian cotton industry directly employs thousands of Australians and this year will contribute over $2 billion to the Australia economy. Cotton Australia welcomes the opportunity to provide this brief submission to the Department of Sustainability, Environment, Water, Population and Communities on its Commonwealth Environmental Water - Trading Arrangements Discussion Paper. Cotton Australia is a member of the National Farmers Federation, and the New South Wales Irrigators Council, and endorses the submissions lodged by these two organisations. However, should the content this submission be in conflict with either of the above, the views expressed in this submission are those of Cotton Australia. For further information or discussion on the content of this submission please contact Cotton Australia s National Water Policy Manager Michael Murray on or michaelm@cotton.org.au. 2

3 General Comments: Cotton Australia is supportive of the Commonwealth Environmental Water Holder (CEWH) being able to trade environmental water that may be in excess of its immediate requirements on an annual basis, or permanently trade entitlements so it can better align its entitlements to its environmental requirements. Cotton Australia believes that any profit generated from trading should be used to meet environmental targets either by investing in works or measures that will increase the efficiency of environmental watering, offsetting the costs of the management of the entitlements, including paying for the annual charges, or purchasing more appropriate water entitlements or products. However, Cotton Australia does not support; Holding environmental entitlements in excess of long-term watering requirements, simply so they can be traded to generate a profit. Purchasing entitlements in excess of those that have been identified by the Murray- Darling Basin Plan. With regards to the legal limitations on trade Cotton Australia would strongly suggest a practical approach to the following clause: These are not required to meet environmental objectives in a given water accounting period and cannot be carried over to the next accounting period. In some catchments trade could never occur if this restriction was taken literally. For example in some valleys continuous accounting allows the holding of up to 150% of entitlement. Yet if the account reaches 150% (the maximum amount allowed) then any further distributions to that account would spill, and would not be available for trade. The pragmatic approach would be to commence trade when the account balance exceeds say 130% (technically before maximum carryover has been reached), and there was reasonable expectation that further inflows were likely to occur. Of considerable concern to many entitlement holders, is that the CEWH will be such a major player in the water market, that its trades could heavily and rapidly influence the water market in either direction. Some people have suggested that the CEWH s trading ability should be heavily regulated. Possibly requiring the CEWH to pre-announce its buying and selling intentions, or having limits placed on it allowable trades during set time periods. 3

4 Cotton Australia is a strong supporter of water property rights, and his therefore disinclined to place any restriction on water trade on either any one participant or the market as a whole. Therefore Cotton Australia suggests: 1. The CEWH when entering a market as either a buyer or a seller is mindful of its size, and self-regulates its trades so as not to unduly influence the market. 2. That the CEWH rather than signalling its trading intentions, be required to clearly and regularly update the markets on it water holdings and its environmental water use intentions. This information would allow all market participants the opportunity to make their own judgements on the likely trading pattern of the CEWH. This is in many ways no different to the judgements market participants currently make during the water trading season, where they make judgments on likely water availability and use. 3. The impact of the CEWH on water markets is the subject of a Productivity Commission Review in three years to assess whether CEWH trading has significantly impacted on the water market, and whether there is justification for further regulation. Further, Cotton Australia suggests that the CEWH needs to be an active and nimble water trader, taking opportunities to buy and sell water when the best opportunities arise, and not be overly burdened by excessive internal government governance arrangements. Question One: What are your views on the portfolio management options which are outlined? Do you think that there are other issues which should be considered? Cotton Australia thinks the CEWH should be careful not to over-complicate its management of environmental water. Each catchment should have clear environmental objectives, and an annual environmental watering plan which should be subject to adaption as a season progresses. When it becomes clear that the CEWH will be holding water in excess of its seasonal requirements, and broad carry-over provisions, then trade should occur. While in very wet years individual irrigators may benefit from the CEWH allowing its accounts to spill, Cotton Australia would expect that the Commonwealth has a duty to tax payers to try to sell any water it does not require, even if the price is relatively low. Water trading transaction costs do not have to be high, and the CEWH must ensure that its internal governance requirements do not inflate transaction costs. Question Two: What other trade scenarios could be considered to improve the overall capacity of the Commonwealth environmental water portfolio? 4

5 Similar to the previous response, the CEWH should be careful not to over complicate its decision making framework. The CEWH must be nimble enough to maximize its return out of any water that is not required to meet its environmental objectives. In essence any scenario that allows the re-allocation of water from one environmental asset to another of higher priority, or allows the trade of water that would otherwise spill should be supported. Question Three: What are your views on the capacity building example? Cotton Australia would suggest that the mid-range years are those when environmental water use should be at the greatest. At this stage environmental flows can be used to more closely match hydrological flows with pre-development conditions. During this period there should be plenty of opportunity for both purchase and sale, allowing environmental requirements to be matched. During wet to very wet periods there should be high water availability, and little requirement to enhance environmental flows and therefore there should be an opportunity to sell, while during these very dry periods environmental water holdings should be managed to provide where necessary emergency environmental watering. At this stage sales of environmental water would be unlikely, but some purchases may be necessary. Question Four: Do you agree with the proposed elements of the operating rules? What other issues may be covered by the operating rules? Cotton Australia is supportive of all the information listed being provided in a timely manner post-trade, but as stated in the opening general comments does not believe that the CEWH should be burdened with specifically signally its trading intentions. Other participants can make their own judgments if the CEWH provides detailed and regular information on its water holdings and environmental watering intentions. Question Five: Do you agree with the proposed approach to developing a portfolio management strategy that will be publicly released? What other issues do you think could be dealt with in the strategy? While a general publicly released strategy would help other participants understand the likely approach to trade of the CEWH, Cotton Australia believes it would be far more equitable for the CEWH to concentrate on providing the information outlined in the first two dots. 5

6 Question Six: Do you agree with the mechanisms for trade that have been identified and the relative advantages of each? Do you have any other suggestions about other mechanisms that could be used to engage with the water market? Cotton Australia notes that all the mechanisms are valid, and each offers advantages and disadvantages making them suitable for some trade scenarios and not others. Cotton Australia suggests that if CEWH develops as a nimble trader it will be able to identify the most appropriate mechanism or mix of mechanisms for each scenario. However, Cotton Australia would strongly recommend against the CEWH establishing its own trading platform as there are already a number of well-functioning, commercial platforms that could be utilized. Question Seven: Do you think that there are other potential approaches or trade products that could be put in place to assist in achieving the objectives for the Commonwealth environmental water portfolio? Cotton Australia notes that NSW Irrigators Council in its submission raised some practical and legal considerations that could limit the ability of the CEWH to participate in a derivative type market. However, should these issues be overcome, Cotton Australia can envisage a number of products, including those discussed, which may allow for efficient and cost effective environmental watering, and therefore should be available to the CEWH. Question Eight: Do you have any other suggestions or comments about the issues raised in this discussion paper? They have been covered as part of the opening general comments. ends 6

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