In Christchurch, a former wool scouring plant in Belfast is about to be sold off, and with it will go a lucrative water consent that will allow over four million litres of water a day to be bottled and no doubt exported offshore.

Our water's in demand, that old scouring plant is a bit of a goldmine, so why wouldn't you look to capitalise on the site's access to water? But the issue is, who owns the water? And if you're going to bottle and export water, if you're going to assume ownership of a natural resource, should there be some sort of royalty paid? Should water be viewed in the same way as other extraction industries like oil, natural gas, and gold?

What we don't know yet is who has bought this scouring plant. If it's an overseas buyer, they would have by-passed the Overseas Investment Office because the plant is smaller than five hectares and isn't sensitive land.

The government says it's not concerned about overseas investment in our water industry, and all the buyers have to pay is a $100 administration fee. Really, that's it. Then they can fill their boots and plunder up to 50 litre bottles per second from the plant's bore, and sell it off to whoever they want.

A $100 administration fee. That's it.

Nick smith, the Environment Minister maintains New Zealand only uses about 2% of its water resource. But that's not the point, is it? And besides, water will likely become the new 'gold' in future as the planet warms and we enter what economists refer to as a state of 'water stress', when demand will outstrip supply.

Some parts of the world are already in a state of 'water stress': the likes of North Africa, parts of South America, South Africa, even southern parts of Texas. Those tipped to enter a stressed state include the Middle East, the Mediterranean and eastern parts of Australia.

Why, then, would we allow a private company to ship off our water overseas - up to $4 million a day - for the measly fee of a on-off $100 administration fee? How does that make sense? How is that in this country's best economic interests?

Water is a very precious commodity and it will only become more precious. We shouldn't let it be flogged off overseas by some private consortium, with no return for the New Zealand public or our economy.

To do so, which ever way you look at it, would be madness.