NSW Minister for Water, Phil Costa, has described today's purchase of $34 million worth of supplementary water from the big NSW irrigation agribusiness Tandou as a "win-win" for both the environment and Tandou Limited.
Both Federal Minister for Water, Penny Wong, or her NSW counterpart were loathe to give much detail on the purchase following today's Murray Darling Basin ministerial council meeting in Canberra, where the deal was agreed.
But when pressed on the merits of buying supplementary, or flood water, Mr Costa conceded it would be a long time until the benefits of such a big purchase would be realised and that savings would only happen in really big flood events.
Mr Costa said there were two buyers of the water - State and Federal - but he would not detail how much was bought by each party or the particulars of the deal.
The land itself will remain in private productive use, he said.
When questioned today following a press conference on the benefits of the purchase, given the savings would only be realised in big wet years when the environment would be receiving a big drink anyway, Mr Costa said "times are tough" for companies like Tandou - a publicly listed entity - which would benefit financially from the purchase of the water.