This research is based on unredacted valuation documents about the $80 million ‘Watergate’ scandal.

The documents, provided to independent Senator Rex Patrick last week after a two-year battle, contain the commercial valuation commissioned by the Department of Agriculture and Water Resources (DAWR) for negotiations with the vendor.

Key findings:

• The Commonwealth paid $2,745 per megalitre, nearly double the $1,500/ML price recommended by the valuer it commissioned, almost 20% more than the top of the valuation range of $1,100 - $2,300/ML.
• The valuation documents contradict claims by the Department of Agriculture and Water Resources that the valuer “stated that the department should be prepared to pay” a premium for the water rights.
• The valuation documents also contradict the Australian National Audit Office finding that prices paid in strategic water purchases were equal to the maximum price determined by valuations.