Last Update: Monday, June 9, 2003. 3:53pm (AEST)

Libs convention votes to outlaw water speculators

The Liberal Party's national convention has passed a resolution blocking speculators from participating in the water market.

The motion put forward by NSW Senator Bill Heffernan, limits water trading to people who can prove they need to use the water.

Senator Heffernan says this includes farmers, irrigators, environmental groups and urban communities, but not banks or foreign investors.

He says the resolution will stop big business profiteering from the sale of water.

"Under the legislation that's proposed in New South Wales, for instance, someone in London can own our water. And I think there is no room in our water, in Australia anywhere, particularly in the Murray Darling Basin, for someone to just screw a profit to have a cappuccino on a sidewalk somewhere."