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Water shares. A water share is an ongoing entitlement to a share of the water available in your water system. It gives you a right to a share of water in the dams. Features of a water share include. 1  its water system, such as the Goulburn, Murray or Macalister. 2  its reliability, and. 3  the volume, such as 100 megalitres (ML).
Freebase(0.00 / 0 votes)Rate this definition: Virtual water. Virtual water trade refers to the hidden flow of water if food or other commodities are traded from one place to another. For instance, it takes 1,600 cubic meters of water on average to produce one metric tonne of wheat. The precise volume can be more or less depending on climatic conditions and agricultural practice.