Trading scheme just does not hold water``
$5 billion of federal taxpayers' money to create 900 gigalitres of water "savings" from the Victorian part of the Murray-Goulburn Basin. The water will be allocated a third each to the rivers, the Victorian irrigators and Melbourne (via the north-south pipeline). This is a lot of water. It is equal to three times Melbourne's consumption. The savings are achieved by preventing the leaks in the main channels that distribute the water to each irrigator.