Australia’s sophisticated and advanced water market legislation has allowed direct investment by non-landholder stakeholders in water ownership, which over time has increased the volume of water entitlements owned by government, non-governmental organisations and non-landholder investors (e.g. superannuation companies, trade speculators). The growing market value of Australian water entitlements, driven by increased water scarcity and international commodity prices, has meant that water is now one of the most valuable assets owned by many irrigators. However, to date, there is no standard practise of financial water valuation and accounting, nor is there an understanding of the most common methods used by various stakeholders. We report information from 63 in-depth expert interviews with bankers, environmental water holders, financial investors/agri-corporates, property evaluators and water brokers in the Murray-Darling Basin to establish the current practices employed. The most common valuation methods used current market prices based on water register and water broker data. Water entitlements were valued with historical cost or fair value water accounting, depending on the stakeholder. However, given the lack of standardised methodology, evaluator discretion and fast moving (or thin) markets can lead to considerable divergence in water valuation values. Recommendations are made for the need for greater transparency and standardised water valuation methods.

中文翻译：

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高浊度：墨累-达令盆地的水估价和核算

澳大利亚复杂而先进的水市场立法允许非土地所有者利益相关者直接投资于水所有权，随着时间的推移，这增加了政府、非政府组织和非土地所有者投资者（例如养老金公司、贸易投机者）拥有的水权数量）。在水资源短缺和国际商品价格上涨的推动下，澳大利亚水权的市场价值不断增长，这意味着水现在是许多灌溉者拥有的最有价值的资产之一。然而，迄今为止，还没有金融水估值和会计的标准做法，也没有了解各利益相关者使用的最常用方法。我们报告了 63 位与银行家、环境水资源持有者、Murray-Darling 盆地的金融投资者/农业公司、财产评估员和水经纪人，以确定当前采用的做法。最常见的估值方法使用基于水登记和水经纪人数据的当前市场价格。根据利益相关者的不同，水权使用历史成本或公允价值水核算进行估值。然而，由于缺乏标准化的方法，评估者的自由裁量权和快速移动（或薄弱）的市场可能导致水估值的相当大的差异。建议需要更大的透明度和标准化的水估值方法。最常见的估值方法使用基于水登记和水经纪人数据的当前市场价格。根据利益相关者的不同，水权使用历史成本或公允价值水核算进行估值。然而，由于缺乏标准化的方法，评估者的自由裁量权和快速移动（或薄弱）的市场可能导致水估值的相当大的差异。建议需要更大的透明度和标准化的水估值方法。最常见的估值方法使用基于水登记和水经纪人数据的当前市场价格。根据利益相关者的不同，水权使用历史成本或公允价值水核算进行估值。然而，由于缺乏标准化的方法，评估者的自由裁量权和快速移动（或薄弱）的市场可能导致水估值的相当大的差异。建议需要更大的透明度和标准化的水估值方法。