Great Cumbung sale: Nature Conservancy’s model “not deemed to be viable”

The Nature Conservancy’s sale of the Murray Darling Basin’s Great Cumbung wetland has come under fire, as costs rise and its deficit blows out.

The Nature Conservancy’s bit to sell the Great Cumbung wetland has left conservationists and traditional owners frustrated and upset.

The Nature Conservancy’s sale of Boyong and Juanbung stations, covering much of the Murray Darling Basin’s last great wetland, has stunned traditional owners and one of the nation’s leading ecologists.

In 2019, TNC purchased the Riverina cattle stations — located at Oxley, northwest of Hay, NSW — and water rights in partnership with Tiverton Agriculture for $55 million. They issued a media release titled “Saving the Great Cumbung” that stated the stations would be run “with the dual objectives of conservation and sustainable agriculture”.

But after just four years, TNC and Tiverton have put the 34,114ha aggregation back on the market.

The sale follows a decline in TNC Australia’s fortunes, with its financials showing its 2021 deficit of $1.7 million blew out to $7.8 million last year, as its employee, contractor and professional service costs surged from $12.5 million to $17.5 million over the same period.

TNC Australia’s accounts also show the trust’s total funds have shrunk to $2.35 million, with total assets sitting at $62.65 million and liabilities at $60.3 million. Critically, total cash and cash equivalents plummeted year-on-year from $32.6 million to $20.3 million.

TNC refused to answer questions on its finances, with a spokeswoman simply stating: “After a comprehensive review of options, a decision has been made to find a new owner for the Great

Cumbung property.

“The current model was not deemed to be viable any longer. This has been an incredibly hard decision but necessary given the commercial realities faced.”

TNC previously told The Weekly Times it was cutting grazing on the property to 1000 head - but the property is now being promoted for sale with a carrying capacity of 37,000 dry sheep equivalent, or 4000 head of cattle.

The property was also originally purchased to prevent future irrigation development, but there are no such restrictions outlined in the sale documents.

Australia National University Fenner School environmentalist Jamie Pittock said he was “gravely disappointed in the proposed sale”, which “includes the nationally significant wetland, the Great Cumbung Swamp”.

“In 2018, I provided my scientific expertise to persuade donors to support the acquisition of the Great Cumbung Swamp in order to conserve natural and cultural heritage,” he said.

“In my view, selling this land without ongoing conservation measures for the Great Cumbung Swamp is contrary to the spirit of the commitments made to donors, the Indigenous traditional owners, and scientists who supported the purchase.”

The sale has also upset local Nari Nari Tribal Council chairman Jamie Woods, who tweeted on June 5: “Of all days – significant Aboriginal and environmental landscape goes live on the market on World Environment Day”.

“I’m not sure who’s running the s--- show between TNC and Tiverton, but please learn to show some respect and class to the people that do care”.

Professor Pittock called on TNC and Tiverton to extend the sale period and favour purchasers who commited to conserving natural and cultural heritage values.

“In particular, the state and federal governments, as well as Indigenous organisations need time to prepare any purchase proposal,” he said.

In December 2021, The Weekly Times reported TNC had failed to remove massive levees on the stations, which blocked the Lachlan River’s flow.