Report a Fault: (08) 8586 6050| Annual General Meeting 2 December 2024

New Obligations for Water Trades and Transfers

New Obligations for Water Trades and Transfers Effective from 1 July 2024

There are significant changes to water trading and trasnfer regulations, which will be implemented from 1 July 2024 under the Water Amendment (Restoring Our Rivers) Act 2023. These changes affect how water transfer application forms are managed.These obligations apply to owners (sellers) and recipients (buyers) of eligible tradeable water rights, as well as any intermediaries facilitating the trade.

Your obligations are outlined below:

  • When completing any water trade or transfer application forms you must ensure that all information provided is accurate and complete.
  • All information requested on any water trade or transfer application forms, even if commercially sensitive, commercial in confidence, or personal (under the Privacy Act 1988), must be provided.
  • You must keep records of the reason for trade and price information provided in the trade or transfer application forms for at least 5 years. This includes any supporting or substantiating documents. If the reason for trade or price information is not required on the water trade or transfer application form, you are not obligated to keep records for these items.

While the Trust will do its best to ensure forms are completed correctly, the legal responsibility lies with the person who completes the form. Unfortunately, penalties may apply for any errors or omissions. The Inspector-General of Water Compliance (IGWC) will oversee enforcement of these new requirements, including conducting audits and issuing penalties for non-compliance.

These changes are part of broader reforms aimed at enhancing the integrity and transparency of Murray–Darling Basin water markets, following recommendations from the Australian Competition and Consumer Commission (ACCC) inquiry.

For further details, please do not hesitate to contact our office.