You will need this licence if you intend to access any surface or ground water. It entitles you to have access to a specified amount of water that is available for taking from a water management area.
As amounts of water available at any one time are likely to vary, there is no guarantee that a particular volume of water, or any water, will be available under the entitlement. A Water Access Entitlement (WAE) does not automatically allow you to take water, you will need a separate licence for the taking of water.