Repurchase of renewal rights: a policy option for the National Water Initiative
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Management of the Murray–Darling river system involves a large number of users
with imprecisely defined rights, and an aggregate rate of resource use that is environmentally
unsustainable. One possible policy response is to make formal or informal
contracts with users, under which users receive current benefits in return for a
commitment to forgo usage rights in future. In this paper, this issue is explored with
specific reference to the possibility of repurchasing the renewal rights for irrigation
licenses.