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Australia Faces $1.96 Billion Bill to Buy Water From Farmers, Herald Says

Australia is likely to face demands for more than A$2 billion in water rights buybacks from farmers as part of the Murray-Darling river plan, the Sydney Morning Herald reported today, citing Australian National University Professor Quentin Grafton. The Murray-Darling Basin Authority is expected to announce water extraction must reduce by 27 percent to 37 percent, the newspaper said. Labor has said its A$9 billion recovery plan won’t secure enough water to meet reduction targets, according to the report.

To contact the reporter on this story: Elisabeth Behrmann in Sydney at ebehrmann1@bloomberg.net

To contact the editor responsible for this story: Tim Smith at tsmith58@bloomberg.net

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