Australian Government invests in National Water Market System 16 November 2009 The Australian Government is investing $56 million to develop a nationally focused water market system. The Minister for Climate Change and Water, Senator Penny Wong, said that the new National Water Market System will deliver better, real time market information, and much faster and more efficient transactions. She said that the benefits of water markets in enabling water to move to its highest value uses, and in providing irrigation farmers with much more flexibility and choice in managing their enterprises, are now beyond dispute. Senator Wong said that the National Water Market System will include a common registry system or system upgrades for all jurisdictions, and a new national portal and interstate processes to speed-up cross-border water trades and cut transaction costs. The national portal will provide water users with ready access to a new national market information service, and state and territory-based information about water licenses and seasonal allocations. The first element of the system – the national portal – is due to be completed by April 2010. More information |