Australia has a serious problem with water, and it would have a serious problem even without climate change. The water in the Darling, and in any river, can be extracted free of charge if your land includes the river. This produces permanent drought conditions in a country that exports oranges. Australia has limited water resources and laws that treat it as unlimited. It will be incredibly hard to square that circle.…
Do you have a source for this? I have a friend who is a farmer in Australia, they trade water rights, so these two concepts seem opposed. [updated] As per a comment below, Australia and the Darling in particular have a water market https://www.mdba.gov.au/managing-water/water-markets-and-tra...
https://www.google.co.uk/amp/s/amp.theguardian.com/australia...
I read somewhere (can’t find the link) that the rights are allocated on the basis of the previous year’s flow. As you can see from the article, this still means people are pulling out water when there’s not enough water to go around. (There’s the usual complaints about speculation, but IME if you don’t have speculators you don’t have a functioning market. There’s plenty of data from regular financial markets about this.)
Apologies.