The formation of a company established solely to speculate on Australian water, and specifically that in the Murray-Darling Basin, will heighten public concerns about the current water reform process, according to public water rights and environmental advocacy group, Fair Water Use.
Fair Water Use reveals today that Causeway Water Limited is currently on a global fundraising drive to procure an initial $100 million from investors in Europe, North America and the Asia-Pacific and thereafter intends to focus on the purchase of Murray-Darling water.
National coordinator of Fair Water Use, Ian Douglas, stated this morning, “Yet another company is adding its name to the list of those being allowed to profiteer from Australia’s natural water resources, whilst contributing little or nothing to the country itself.”
“Causeway Water states that it expects a 12-15% annual return on the permanent water entitlements that it acquires; once again it will be the public and environment of Australia that will bear the brunt when it comes to providing these corporatised profits”, Dr Douglas continued.
He added, “There is a growing belief that the commoditisation of the nation’s water contravenes Section 100 of the Australian Constitution, which defines pubic rights to water and is based on the principle that rivers are common property.”
Dr Douglas concluded, “Nationwide demands for transparency in governance, now echoed by independent and Green MP’s, are of great relevance to Australia's water future. The major parties have misled Australians about the consequences of water reform, including the promotion of private and foreign control over the waters in our rivers”.
Fair Water Use believes that community concerns should be resolved by referendum, to determine whether water remains the common property of Australia or if the Constitution should be amended to allow water privatisation.
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