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Abstract
As Australia begins to implement the National Water Initiative, there are lessons to be
learned from past experience in rural adjustment and rural assistance schemes. The
experience is rich and the messages powerful.
Government intervention in the process of adjustment and change can impede, facilitate
or expedite adjustment.
To maximise the opportunities arising from water reform, several important lessons can
be identified. The role of autonomous adjustment processes in generating individual and
community wealth is vital.
A portfolio of approaches to securing additional water for the environment through the
market place are discussed. Opportunities exist to use existing processes to manage
environmental impacts, facilitate water trading and target any adjustment assistance.