Water has always been vital, but in 2025 it is not just vital, it is valuable, complex, and increasingly regulated. And those regulations are changing fast.
From 1 July this year, the Water Market Intermediaries Code came into effect, along with new statutory trust account rules. On 1 October, the next stage begun, bringing even tighter obligations. These are the most significant governance shifts we have seen in years for water market intermediaries, and they are designed to lift standards and confidence across the whole market.
So, what does that mean for you?
If you are a grower, a regulator, or one of the many other participants in our sector, it means stronger safeguards for your money, clearer expectations for intermediaries, and more confidence in how the market works. For example, trust accounts are now mandatory. Intermediaries who receive client money must hold it in a separate account with an Australian bank and comply with strict handling rules. And from 1 October, they will also need to keep detailed client ledgers, giving you a clearer picture of every transaction.
It also means intermediaries are now held to higher conduct standards. Acting in good faith, putting clients’ interests first, declaring conflicts, and keeping proper records are no longer just good practice, they are required. And on top of that, every intermediary must have their trust accounts audited each year and keep those records for six years.
If all of this feels like a big leap, it is. But it is also a necessary one. For too long, there have been gaps in how client funds were protected. These changes mean fewer risks of misuse, a more level playing field, and a market that regulators, investors, and irrigators can trust.
This is also about recognising water for what it is, a major asset. When I first started in the industry, water rights across Australia were worth about $200 million. Today, they are valued at nearly $64 billion. That is a 320-fold increase in three decades. It is hard to think of another asset class that has grown that quickly, and it shows why water needs to be managed with the same professionalism as land, capital, or machinery.
That is why these reforms matter so much, because they catch the governance framework up with the reality of water’s value.
And it is not stopping here.
The 1 October milestone is followed by new prohibitions on insider trading and market manipulation in July 2026. Data and systems reforms, including pre-trade reporting to the Bureau of Meteorology, will phase in from mid-2026 through to 2027. It is a staged program, and if you know the dates, you can plan ahead.
At Waterfind, we have always believed that strong compliance is non-negotiable. We have had audited trust accounts and robust frameworks in place for more than 20 years, and we are ISO 9001 certified for our quality management systems. So in many ways, these changes simply bring the industry in line with standards we already operate by.
But what matters most is making sure you know what is coming, why it matters, and how to turn compliance into confidence.
Tom Rooney
Founder, Waterfind Australia
