Spending the money giving people household water tanks. Plenty of water falls on my roof.^^ the question is, where do you catch this water.
More seriously, if weather belts continue to move polewards as a result of Global warmng, Victoria will have a climate akin to that of Geraldton or (even worse) Carnavon WA. Which would make new dams even less rewarding.
The CSIRO Atmospheric Research Unit predicted these trends five years ago.