Apparently the giant (93,000 ha) Cubbie Station in South-west Queensland is in voluntary administration, with some $320 million in debts to NAB and Suncorp.
Barnaby Joyce thinks it is the Liberals' fault. I reckon it's a manifestation of the unsustainability of the Cubbie model - an example of what happens in a global warming scenario with a farming approach that doesn't factor in whole of cycle costs. If Cubbie was sustainable, then they should be able to ride out such dry years.
You have to wonder whether they've just been hanging on (maybe even trading insolvently?) hoping to get a buy-out offer from government.
The Queensland Farmers Federation reckons it should be saved and allowed to continue to mine the area's rivers for its water storage that exceeds the capacity of the Sydney Harbour. Curious to know what the NSW Farmers Federation thinks, given they represent all the farmers who miss out on all that water that Cubbie sucks up for wastful cotton irrigation.
The Queensland and Federal Governments should be seizing on this opportunity to buy up the water rights now and shut it down with regard to water wasting crops, instead allowing it to focus on more efficient crops.
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