Govt set to remove water cap
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The Victorian Government is removing a 10 per cent limit on the volume of Victorian water entitlements that can be owned without being associated with land.
Water Minister Tim Holding committed the Government to review the cap in February because of concerns by the Commonwealth that it could potentially limit its buybacks of environmental water.
Mr Holding says the limit is not yet an obstacle to trade, but could be reached and cause problems in the next irrigation season.
He says the limit was introduced to allay fears that non-irrigator water barons could buy large volumes of water and drive up the trading price.
But he says the fears have proven unfounded, and there is no evidence of water barons entering markets in a big way in other jurisdictions that do not have the provision.
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