The Hon Tanya Plibersek MP, Minister for the Environment and Water, released the independent Water market reform: final roadmap report on 11 October 2022, accompanied by the Australian Government response.
The Roadmap report was developed by the independent Principal Advisor, Mr Daryl Quinlivan AO, as a result of extensive consultation with water market participants, including Basin governments and industry. It sets out the phased, practical and cost-effective plan for water market reform having regard to the Australian Competition and Consumer Commission’s 2021 Murray-Darling Basin water market inquiry final report.
The Roadmap contains 23 recommendations to drive water market reforms to:
- Introduce integrity safeguards to water markets, including applying professional standards to intermediaries, comparable with other markets
- Ensure that water market participants have sufficient information to make informed water trading decisions
- Improve the functioning, transparency and governance of water markets, and
- Improve confidence in Basin water markets
The Australian Government response supports the implementation of all 23 recommendations. A number of reforms will also require Basin governments to share implementation.
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Developing the Water market reform roadmap
An independent Principal Adviser, Mr Daryl Quinlivan AO, was appointed to work with the Australian Government, Basin states, industry, communities, and other stakeholders to develop a phased, practical, and cost-effective plan for water market reform having regard to the ACCC’s findings and recommendations.
The Principal Adviser received and considered advice from an Advisory Group comprised of technical experts and water market stakeholder representatives, and engaged extensively with water market participants, including Basin governments and industry.
The Principal Adviser delivered the following:
- Initial advice on actions supported by Basin states that can be implemented quickly to help restore confidence in water markets in December 2021.
- Water Market Reform: Final Roadmap Report that sets out 23 practical and cost-effective recommendations to deliver the reforms identified as being required by the ACCC inquiry was released by the Australian Government in October 2022.