The federal government has paid farmers, irrigators and water traders around $205 million for 26.35 gigalitres per year of Murray-Darling Basin water entitlements - or $0.007 a litre.
The voluntary buybacks were stockpiled through a competitive tender process opened last year to reclaim 44.3GL/yr of sustainable diversion limits target for seven NSW and Queensland catchments.
While the purchases are a fraction of the 700GL still needed to reach sustainability targets under the Murray-Darling Basin Plan, they illustrate the mountainous task the government faces.
Environment and Water Minister Tanya Plibersek said the tender process showed the direct purchasing of water - the first in the basin since 2020 - "can be effective" as one tool to reclaim water rights.
"Through these willing sellers we will return water that is desperately needed to restore our rivers and support the plants, animals and communities that rely on it," she said.
"We are determined to deliver the Murray-Darling Basin Plan in full."
The majority of those purchases will be diverted into the southern basin.
They also filled available quotas for the NSW Murray catchment (10GL), the Namoi (9.5GL) and Lachlan (0.9GL), while the government said more than double the offers were tendered in some areas than was required.
Despite individual farmers willingly selling entitlements, community, irrigator and farmer representative groups are opposed to the buyback program.
Meanwhile, the government admits "more work is required in the remaining catchments" to find the remaining 18GL/yr with recovery options so far being a mix of buybacks, water offsets or improving efficiency through subsidised on and off farm irrigation infrastructure.
The government has so far not revealed its full budget to complete the MDBP. The amount paid for each individual transaction is dependant on several factors, including the relative reliability of the water.
The transactions announced on Thursday, revealed to meet transparency rules, do not contribute to the outstanding 700GL. The tender contracts are also being progressively published on website AusTender, a standard whole of government requirement.
Some of the winning tenders are also still being processed but the spend indicates the government has paid over market value in some cases. Previous government buybacks have also paid over-the-odds for entitlements.
An MDBP audit found it would fall 750 gigalitres short of its total of 3,200GL by the deadline of June 2024.
To cover the shortfall, the plan was extended last August in a new agreement reached between the Commonwealth and the states, although Victoria has refused to sign up to buy entitlements.
The Greens and Labor then reached a "breakthrough" deal in November to amend the plan to mandate an additional 450GL of environmental flows into the southern basin specifically to increase flows into South Australia.
The states have until the end of 2026 to deliver their 605GL of water-saving infrastructure projects. The full recovery of the 450GL of environmental water has been set for the end of 2027.
Ms Plibersek is expected to announce the progress of discussions on the "Bridge the Gap" program with the ACT in coming days.
