Zone 10 water price — NSW Murray Above the Choke
Zone 10 covers the NSW Murray from Lake Hume down to the Barmah Choke — the Murray Irrigation country around Deniliquin, where rice, winter cropping, annual pasture and dairy dominate. Allocation is quoted in dollars per megalitre, and the zone trades in step with Vic Zone 6 across the river. Whether Zone 10 water can reach the premium below-Choke market depends on the MDBA trade balance. For today’s tradeable level, call (03) 5824 3833.
Need a Zone 10 quote?
Call (03) 5824 3833 or request a callback.
Where Zone 10 prices are published
We don’t display live Zone 10 figures on this page — recorded trade data for this zone is published by the sources below, and published prices can lag the live market by days. For today’s tradeable level, call the desk on (03) 5824 3833 for a quote benchmarked against current market depth.
- NSW Water Trade Dashboard (DCCEEW)
Official NSW register data — allocation and entitlement trade volumes and prices by water source. Prices are self-reported and include non-market and $0 trades, so read medians of commercial trades rather than single entries.
- MDBA — Barmah Choke trade balance
The live balance that determines whether Zone 10 allocation can currently trade downstream — the single biggest structural influence on the Zone 10 discount or convergence.
- Bureau of Meteorology — water market information
National, standardised trade data compiled across all state registers, useful for comparing Zone 10 against neighbouring zones.
Zone 10 price at a glance
- • Quoted in: AUD per megalitre (ML) of allocation (water assigned between licence accounts)
- • System: NSW Murray from Lake Hume to the Barmah Choke, including the Murray Irrigation Ltd area
- • Entitlement categories: high security, general security (the dominant class), supplementary and conveyance
- • Main demand: rice, winter cereals and canola, annual pasture, dairy and livestock
- • Trade: freely connected with Vic Zone 6; trade down to below-Choke zones only against available back-trade in the MDBA balance
What drives the Zone 10 water price?
Zone 10 (NSW Murray Above the Choke) allocation prices respond to a handful of forces specific to this system. Understanding them helps buyers and sellers time a trade.
Available water determinations (AWDs)
NSW DCCEEW announces determinations against each licence category — an opening AWD on 1 July that can be zero for general security in dry years, then increases as inflows firm. High security opens at or near its full share. Each upward general security determination adds tradeable supply across the zone.
NSW share of Murray storages
Zone 10 allocations are assessed on the NSW share of active storage in Hume, Dartmouth, Menindee Lakes and Lake Victoria, with NSW and Victoria sharing Hume–Dartmouth inflows equally. Low NSW reserves produce conservative determinations even when headline storage numbers look reasonable.
The Barmah Choke trade balance
Net allocation trade from above to below the Choke has been restricted since 2014 — downstream trade is only approved against available back-trade, tracked in a running MDBA balance with a calculated opening balance each 1 July. When the balance is exhausted, Zone 10 is cut off from the premium below-Choke market and can trade at a discount to Zones 7 and 11.
Annual cropping’s price-responsive demand
Rice and annual cropping are the swing water users above the Choke. When allocation is cheap, plantings expand; when water is dear, growers sell allocation rather than plant. That elasticity moderates price peaks in Zone 10 relative to the horticulture-dominated zones downstream.
Carryover positions
NSW Murray general security licences can carry over up to 50% of entitlement, with total account credit capped at 110%. Large carryover into a new season softens early-season demand; a low-carryover year sharpens it.
Temporary water vs allocation in Zone 10
The Zone 10 temporary water price and the Zone 10 allocation price are the same figure — the cost of one season’s water, quoted in AUD per megalitre. It is separate from the price of a permanent water entitlement in this zone, which is the ongoing asset that receives allocation each year. For the full distinction see entitlements vs allocations, or our overview of temporary water prices in Victoria.
Permanent water
Thinking of selling your Zone 10 (NSW Murray Above Choke) water shares?
Watching allocation prices is often the first step in a bigger decision. Integra also brokers permanent water entitlement sales — high security and general security entitlements in Zone 10 (NSW Murray Above Choke) and across the southern basin — appraised against recorded register transfers, not list prices.
An appraisal is confidential, obligation-free, and tells you what your entitlement would realise in today’s market — so the decision to sell (or hold) is made on numbers, not guesswork. See how a permanent entitlement sale works, or the difference between entitlements and allocations.
Zone 10 water price — FAQs
What is the current Zone 10 (NSW Murray) water price?
Zone 10 allocation prices move with NSW determinations, the Barmah Choke trade balance and seasonal demand, and generally track Vic Zone 6 closely. The NSW Water Trade Dashboard publishes recorded register prices, but they are self-reported and can lag the live market. For a firm, current Zone 10 price before you trade, call Integra on (03) 5824 3833.
Is NSW general security the same as Victorian low-reliability water?
No. NSW general security typically receives meaningful allocations in most years but can open at zero in droughts — it sits between Victoria’s high-reliability shares (near-100% almost every year) and low-reliability shares (often nothing). Comparing prices across the border without adjusting for that difference misleads both ways.
Why can Zone 10 water be cheaper than Zone 11 or Zone 7?
The Barmah Choke. Trade from above to below the Choke is only approved against available back-trade in the MDBA’s running balance. When that balance is exhausted, Zone 10 supply cannot reach the permanent plantings downstream, and above-Choke prices can fall to a discount against below-Choke zones. It is a delivery constraint, not a quality difference.
Is a 0% opening allocation a crisis signal?
Usually not. NSW deliberately opens conservatively on 1 July — general security has opened at zero in several recent dry years and then built through the season as inflows firmed. What matters for the price is the trajectory of determinations through spring, not the opening number alone.
How does carryover work in the NSW Murray?
General security licences can carry over unused water up to 50% of entitlement, subject to a total account limit of 110% of entitlement — anything above the limit is forfeited to the pool. High security has no carryover; its protection is the high opening allocation itself.
Can Integra sell my Zone 10 permanent entitlement?
Yes. Integra brokers permanent entitlement sales in the NSW Murray — high security and general security shares — alongside allocation trades, appraised against recent recorded NSW register dealings. If you are weighing up a sale, call (03) 5824 3833 for a confidential appraisal first.
Liz Johnston
Senior Water Broker
Indicative only. Not financial advice. Water trade involves risk of principal loss. Prices shown are indicative and may not reflect current market conditions. All trades subject to NSW water trading rules, the Murray–Darling Basin Agreement (Schedule D), and MDBA water trading rules.