Rachel Siewert (WA, Australian Greens) Share this | Hansard source

I move Greens amendment (13) on sheet 5629:

(13)  Schedule 2, page 304 (after line 14), after item 90, insert:

90A  At the end of Part 2

Add:

Division 5—Investments

86AA Investment decisions

        (1)    The Minister, in making investment decisions related to the Murray-Darling Basin, including but not limited to investments relating to modernising on-farm and off-farm irrigation infrastructure, major engineering works and the purchase of water allocations, must:

             (a)    ensure consistency of the investment with the Basin Plan; and

             (b)    ensure consistency of the investment with the National Water Initiative commitments, giving effect to the principles of full-cost recovery, user pays and pricing transparency; and

             (c)    provide transparency and accountability in the expenditure of funds; and

             (d)    monitor and measure the effectiveness of the investment in meeting the objectives of the Basin Plan; and

             (e)    assess the cost effectiveness of the proposal.

        (2)    To ensure that where any water entitlement savings are to be shared between the environment and an existing entitlement holder, the Minister must:

             (a)    have the extent of the savings confirmed by an independent auditor;

             (b)    reduce the existing licence holder’s access entitlement by at least 50% of the savings that are expected to occur after the investment is made.

This amendment relates to investment decisions and is trying to ensure public return on investments in water savings. This is a comprehensive set of amendments that seek to ensure that, where water entitlement savings are to be shared between the environment and an existing water entitlement holder, the minister must have the extent of the savings confirmed by an independent auditor and reduce the existing licence holder’s access entitlement by at least 50 per cent of the savings that are expected to occur after the investment is made.

The overall intent of this amendment is to ensure that the investments that we are making are actually delivered in terms of real savings. We are also trying to ensure that, where the minister makes investment decisions relating to the Murray-Darling Basin—including but not limited to investments relating to the modernisation on-farm or off-farm of irrigation infrastructure, major engineering works and the purchase of water allocations—there is a consistency of investment with the Basin Plan, that those decisions are consistent with the National Water Initiative, that we provide for transparency and accountability in the investment of funds, and that we are monitoring and measuring the effectiveness of the investment and making sure that we are meeting the objectives of the Basin Plan.

In other words: we have a Basin Plan, we are investing very heavily in that Basin Plan—$12.9 billion—and we are seeking to ensure that those investment decisions are transparent but give effect to the Basin Plan. So we believe that this adds an extra degree of vigour to the act to ensure that we are delivering real outcomes.