The Greens are calling for an urgent water market inquiry after reports showed evidence of dodgy trading. 

Greens Party MP Cate Faehrmann wants a thorough examination of NSW’s water management strategies in light of troubling findings reported by Bloomberg News ($).

The call to action comes after a detailed Bloomberg investigation highlighted severe discrepancies and potentially harmful practices within the NSW water market, particularly affecting the Murray-Darling Basin. 

Among the alarming revelations was the disclosure of a confidential agreement by Murray Irrigation Ltd, which reportedly withheld over 100 billion litres of water from users during the peak of NSW's last drought in 2019.

The investigation also unveiled that government-issued licences have permitted farmers to extract 37 per cent more water from northern floodplains than initially estimated by authorities. 

In some cases, the volume of water extracted was nearly threefold the government's preliminary estimates, raising grave concerns over the sustainability and regulation of water resources in the region.

In her communication to Water Minister Rose Jackson, Faehrmann reportedly described the findings as “shocking” and outlined several critical steps that need to be taken. 

These include probing into Murray Irrigation's water management and the legality of floodplain harvesting volumes, along with a comprehensive analysis to evaluate the water market's impact on various sectors and regions.

Ron McCalman, the CEO of Murray Irrigation, announced his resignation shortly before the publication of the Bloomberg report. 

McCalman stated that his departure was not related to the findings and highlighted that he was not in the position during the period under scrutiny, but the timing has raised eyebrows.

As stakeholders await a response from Minister Jackson's office, the call for an urgent inquiry into NSW's water market underscores the critical balance between agricultural needs and environmental conservation.