With many water trading exchanges closed for the Christmas period, Goulburn-Murray Water (G-MW) is urging customers to give some thought to their water trading plans and ensure their trades have been submitted for processing.
According to G-MW Executive Manager Water Policy, Garry Smith customers can make use of their broker and the Water Register website to track their trades and address any concerns.
Make the most of your Broker's expertise
Many customers make use of water brokers to assist in matching sellers and buyers and to work through the approval processes that need to be completed to trade water.
1. When using a broker, it is reasonable to expect that your broker or agent has the expertise to help you gather the information necessary to lodge a correct and complete application
2. Brokers should also be able to advise on the trading rules that apply and if your trade will comply with these water trading rules, for example if the water allocation can physically move from the seller to the buyer. Applications that do not comply must be refused.
3. You should also expect that your broker will promptly lodge your application with the seller's water corporation and will swiftly resolve any problems with your application.
4. If you have concerns about your trade, you should check with your water broker in the first instance and expect them to confirm the status of your transaction.
The Australian Competition and Consumer Commission (ACCC) have also been given some responsibilities in relation to water markets and water trading under the new Commonwealth Water Act. The ACCC has recently published some useful guides on your fair trading rights when using brokers or exchanges. These guides include tips on how to select a broker and what to keep in mind when you are arranging a trade. Copies of these brochures are available at http://www.accc.gov.au/, or ask at your local G-MW office.
Track your water trades online
"All allocation trade applications received by the Water Register are logged immediately, so you can track the progress of your applications via the Water Register web site 24 hours a day, 7 days a week," said Mr Smith.
Each trade application form has a unique number, which consists of the prefix ALL (for allocation trade) followed by six digits. Ask your broker for the application number for your trade and then you can go to the water register website at http://www.waterregister.vic.gov.au/ and follow the links to check the status of your trade application.
"If you have any concerns about your application or it does not appear on the register check with your broker in the first instance," said Mr Smith.
Media Contact: Linda Nieuwenhuizen
Position: Manager Stakeholder Relations
Telephone: 03 5833 5776 or 0412 183 792