But the return of severe drought to an area of eastern Australia more than twice the size of Texas is testing the system. Gary Wight, 46 years old, thinks he will be the last in his family to raise dairy cows here in Cohuna, Victoria. The drought-hit town has long relied on irrigation from one of the country’s longest rivers to grow pastures for livestock in the water-intensive dairy industry. Gary Wight says Australia’s water market has left behind dairy farms like his. Photo: Rob Taylor/ The Wall Street Journal With supply shrinking, Mr. Wight said he can no longer match prices being paid by corporate rivals in the dairy industry and investors buying water for other crops . “The water market in Australia has been a failure,” Mr. Wight said one recent morning as he climbed into a tractor. “Water now has become a commodity for big corporations […]