I am pleased to announce a major investment that will help to protect significant groundwater resources in New South Wales for current and future generations.
The Australian and New South Wales Governments will contribute $110 million towards a total investment of $160 million to achieve sustainable groundwater in six inland groundwater aquifers in New South Wales.
The Australian Government will provide a capped $55 million through its $2 billion Australian Water Fund. The New South Wales Government will also provide $55 million towards this package. Of this $110 million investment, $100 million will assist affected groundwater licence holders and $10 million will support community development projects. Groundwater licence holders will also make a significant contribution of $50 million.
The Achieving Sustainable Groundwater Entitlements package will provide valuable help to farmers and irrigators in the Upper and Lower Namoi, Lower Gwydir, Lower Macquarie, Lower Lachlan, Lower Murrumbidgee and Lower Murray groundwater systems.
The package will assist groundwater licence holders and their communities adjust to reductions in their water access entitlements. The entitlement reductions, which will be phased in over ten years, will lead to sustainable levels of groundwater extraction and, in turn, contribute to the achievement of outcomes of the National Water Initiative.
This assistance package supports the aims and objectives of the National Water Initiative in that it addresses the need to ensure more sustainable water use across Australia.
This package also delivers on the Australian Government's commitment to improve water management as outlined in Securing Australia's Water Future announcement at the last election. Securing Australia's Water Future recognised that levels of water extraction in excess of what is sustainable cannot continue, and in some instances, targeted assistance to individuals and communities may be appropriate.