$78m government spent on Darling water buyback nearly double its valuation

Exclusive: Federal government ignored advice of its own research agency when it bought water rights of a NSW property

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The Australian government ignored a valuation provided by its own research agency when it bought back water from an agricultural company in the Lower Darling in June, and instead paid $78m - almost twice as much as the recommendation.

The Department of Agriculture and Water Resources, which manages the purchase of water for environmental flows in the Murray-Darling basin, sought the advice of the Australian Bureau of Agricultural and Resource Economics and Sciences (Abares) on the value of water entitlements held by Webster Limited for one of its properties, Tandou.