Farmers have more than just the recent rain to be happy about, as the downpours have also reduced the price of water.
Waterpool chief executive officer Peter Lawford said prices this season peaked at $450/Ml in the Goulburn system and as high as $700/Ml in the Murray system.
“In the middle of March, water was selling for $450/Ml but thanks to the very welcome rain we are now seeing prices at $200/Ml in the Goulburn,” he said.
“The Goulburn is cheaper than the Murray in general and in the Murray, water is being traded at $285/Ml from a mid-season high of $700.
Mr Lawford said it was "difficult to know" whether the price could drop further, as the irrigation season was now finished and many farmers were buying at the current prices to carryover for next season.