Document ID: chunk:federal_register_of_legislation:C2024C00557:schedule:1:p131
Version: federal_register_of_legislation:C2024C00557
Segment Type: schedule
Provision Reference: sch 1 (pt 131/154)
Character Range: 987056–990140

deemed to have used the whole of the Required Annual Release Shortfall

Water Year during which a period of special accounting is in effect              Victoria and the Ministerial Council agree to the Required Annual Release Shortfall     New South Wales and Victoria deemed to each have used the Required Annual Release Shortfall as agreed

The Ministerial Council does not agree to the Required Annual Release Shortfall  New South Wales deemed to have used the whole of the Required Annual Release Shortfall

       (2) The volume of any Required Annual Release Shortfall from the previous Water Year must be allocated equally between New South Wales and Victoria until the balance of Required Annual Release Shortfalls for either State is zero and thereafter wholly to the other State.

    14. Other Water Accounting Provisions
       (1) Where under this Schedule the Authority is required to adjust accounts in connection with the Snowy‑Murray Development Annual Allocation, it must make those adjustments in equal Monthly quantities.
       (2) Where under this Schedule the Authority is required to adjust accounts in connection with inter‑valley transfer, it must make those adjustments in equal Monthly quantities during the balance of the Water Year in which New South Wales notifies the Authority of the relevant inter‑valley transfer.
       (3) Each release of River Murray Increased Flows must be allocated half to New South Wales and half to Victoria.
PART IV—SNOWY‑MURRAY DEVELOPMENT (RIVER MURRAY) ENVIRONMENTAL ENTITLEMENTS

    15. Translation Factors
       (1) New South Wales and Victoria must each transfer Water Savings and Water Entitlements to its respective Snowy‑Murray Development (River Murray) Environmental Entitlement in accordance with Translation Factors agreed between each of them and the Authority.
       (2) New South Wales, Victoria and the Authority must ensure that:
(a) the Translation Factors are determined in a manner consistent with the principles used to determine exchange rates in the relevant Water Market at the time of each transfer under sub‑clause 18(2) of this Schedule; and
(b) the use of Translation Factors to transfer Water Savings and Water Entitlements to a Snowy‑Murray Development (River Murray) Environmental Entitlement will not have a significant adverse impact on:
              (i) the level of Reliability of entitlements to water diverted from the River Murray System, the Murrumbidgee River System and the Goulburn River System;
              (ii) the environmental benefits related to the quantity and timing of water flows for environmental purposes in the River Murray System, the Murrumbidgee River System and the Goulburn River System;
              (iii) the Seasonal Availability of the entitlement to be received during that Water Year by South Australia under this Agreement; and
              (iv) water quality in the River Murray in South Australia.

    16. Apportionment Of Environmental Entitlements
New South Wales and Victoria must notify the Authority of how each Environmental Entitlement