The Australian Competition and Consumer Commission today issued its draft advice to the Murray–Darling Basin Authority (MDBA) on the development of water trading rules. The ACCC is inviting submissions from interested stakeholders.
The Water Act 2007 requires the MDBA to develop a Basin Plan for the sustainable and integrated management of water resources in the Murray–Darling Basin, including water trading rules. The MDBA has requested the ACCC's advice on the development of the water trading rules component of the Basin Plan.
The ACCC's draft advice sets out advice and recommendations on a range of matters relating to water trading. These matters include restrictions on trade, administrative processes and information requirements for a functional water market.
"Water trading plays an increasingly important role across the Murray–Darling Basin, allowing water to move to its most productive use and giving irrigators greater control over their water rights," ACCC chairman Graeme Samuel said today.
"The ACCC's advice will assist in the development of Basin–wide water trading rules. These rules will form an important step in improving the efficiency of water markets across the Murray–Darling Basin," he said.
Interested parties should provide their submission to the ACCC by 5 pm on Monday 1 February 2010. Details on how to make a submission can be found in the draft advice, which is available from the ACCC website.
The ACCC will provide its final advice to the MDBA by March 2010. The MDBA will then undertake further consultation on the proposed Basin Plan as a whole (including water trading rules) throughout 2010-11.