14.1 Adjustment and forfeiture of groundwater allocation
The volume recognised in the water accounting statements (85 ML) represents the total forfeiture of water allocations for all groundwater supply to individual users in the Ord region during the 2011–12 year.
The portion of groundwater allocation that has not been extracted at the end of the 2011–12 year is forfeited. The forfeiture is calculated as the total annual allocation for each licence minus total allocation extraction; however, given that the volume of abstraction is estimated to be the full allocation (refer to line item 18.11), this component of the forfeiture is assumed to be zero.
Entitlements that are terminated during the 2011–12 year are also considered to be forfeitures.
Assumptions, limitations, caveats and approximations
Forfeiture is calculated based on available extraction data. Where the extraction data are estimated, the forfeiture is subject to the same assumptions and limitations of the extraction data (refer to line item 18.11).
The uncertainty estimate was not quantified.