The ACCC enforces the Competition and Consumer Act 2010 (CCA) and the Australian Consumer Law (ACL), which apply to the conduct of water brokers and exchanges, and provides advice on the water trading rules to the Murray Darling Basin Authority.
Water brokers and exchanges (sometimes referred to as water market intermediaries) play an important role in the water market.
Brokers perform a similar function to mortgage brokers, as they investigate trading options on behalf of their clients and arrange the necessary paperwork.
Water exchanges operate as a trading platform matching buyers and sellers through an automated process or bulletin board. Water exchanges also organise and submit the necessary paperwork to the relevant trade approval authority(ies).
Water brokers and exchanges bring buyers and sellers together, reduce search costs, improve information flows and assist in obtaining regulatory approvals. However, stakeholders have expressed concerns about these water market intermediaries, including about possible future misconduct.
The ACCC publishes guides which may assist water market intermediaries and their customers to understand their fair trading obligations under the CCA.
- Water trading - an overview
- Water brokers & exchanges - your fair trading obligations
- Water trading - a guide to your rights
The Water market intermediaries—industry developments and practices report examines water market intermediary industry practices and developments as well as stakeholder concerns about water market intermediaries.
The report includes a link to the Australian Bureau of Agricultural and Resource Economics (ABARE) survey report commissioned by the ACCC.
The ACCC provides advice on the water trading rules to the Murray-Darling Basin Authority.