In 2005 the NSW Government established NSW RiverBank as a $105-million environmental fund to buy water for the state's most stressed and valued inland rivers and wetlands for five years up until 2011.
NSW Riverbank has contributed to a sustainable future for regional communities through an equitable and open water purchase process to buy water from willing sellers. This innovative program provides a way to access and use water to support and improve both the environment and the socioeconomic value of rivers and wetlands.
The RiverBank Business Plan is integral to RiverBank's operations. It is made up of two parts. Part A of the Business Plan outlines the vision, objectives and expected outputs of RiverBank and establishes the basic philosophy, processes and business model. Part B of the Business Plan sets out the specific activities that are being undertaken by RiverBank in each financial year, and specifies the program monitoring, evaluation and reporting required to provide both the Government and the public with a means by which to gauge the program's success.
As a licence holder, RiverBank pays water licence and water use charges to State Water, and recovers a proportion of those costs by periodically trading annual temporary water allocations. Such trade may also be undertaken to improve environmental water delivery and/or monitoring outcomes.
NSW RiverBank is administered by the Office of Environment and Heritage (OEH) with funding through the NSW Environmental Trust, under the City and Country Environment Restoration Program. A NSW RiverBank Subcommittee has been established under the Environmental Trust with members appointed by the Chair of the Trust, the NSW Minister for Environment. The subcommittee includes experts in ecology and water market operation as well as government representatives. The subcommittee oversees the development and implementation of the RiverBank Business Plan.
Page last updated: 14 December 2011