The Goulburn-to-Murray Trade Limit – which governs allocation trade from the Goulburn, Broken, Campaspe, and Loddon systems to the Victorian Murray system, New South Wales, and South Australia – will open again on Monday 15 December 2025. This is the third of three Goulburn-to-Murray scheduled trade openings for the 2025–26 water year. Estimated volumes will be made public closer to this date.

• Applications for the Goulburn-to-Murray trade opportunity should be submitted during the submission window, between 7 am and 2 pm on Monday 15 December 2025.
• During the submission window, water market participants should submit trade applications through My Water or the Broker Portal, and all trade applications during this period will be queued for later processing.
• After the submission window closes, DEECA will undertake a randomisation process to determine a processing order of the applications, in the presence of an ACCC independent observer.
• Processing of applications, in the order determined by the randomisation process, will occur as soon as possible after randomisation.

Customers are encouraged to lodge trade applications throughout the 7-hour submission window. Market participants are not required to submit trade applications as soon as the submission window opens. A customer who submits a trade application at the start of the submission window will have the same chance of having their application succeed as a customer who submits at the end of the window.

Please note the following important application eligibility criteria

• For any one seller ABA, the total volume submitted (whether singly or via multiple trade applications) for consideration into the randomisation process cannot exceed the volume of tradable allocation available in that ABA at the start of the submission window (7 am, 15 December 2025).
• If an increase in seasonal allocation is announced on 15 December after 7am, this will not increase the total volume eligible for inclusion in the randomisation pool for this trade opening.
• As previously communicated for the July and October trade openings, applications to ‘trade remaining balance’ will be deemed ineligible for the randomisation pool.

For further details about the Goulburn-to-Murray trade opening process, check out this handy guide.

Find out more about how the Goulburn-to-Murray trade opportunity is calculated.

For any further information or assistance with the above, reach out to the Victorian Water Register team on waterregister.support@deeca.vic.gov.au.