Home | Water Act 2007

Water Act 2007

Water-act-2007-icon

What is Water Act 2007?

On November 30, 2023, significant legislation was successfully passed in the Senate, resulting in amendments to the 2007 Water Act. Waterfind has taken on the proactive role of advocating for our clients while providing them with essential education about the profound impact of these changes on water users, holders, and traders.

The major revisions in this legislation include the repeal of the statutory 1,500GL cap on Commonwealth Water Purchases. Additionally, there's an extension of the deadline to deliver state-led supply projects (SDLAM) until December 31, 2026, offering an opportunity to reduce the 605GL target shortfall and potentially mitigate the need for additional water buybacks. The extension to December 2027 to secure an additional 450GL allows for various delivery methods, including on/off farm efficiency projects, strategic land and water packages, and voluntary buybacks.

To ensure accountability, the legislation introduces new measures, including the appointment of the Inspector-General of Water Compliance, who will oversee water compliance at both state and broader levels, including the MDBA and CEWH. Furthermore, a clear and consistent framework for water markets will be implemented, featuring a new mandatory code for water market intermediaries, obligations regarding water market decisions, and data reporting requirements. These measures also encompass prohibitions on insider trading and market misconduct, which will be enforced by the ACCC and the Inspector-General.

These changes mark a significant shift in water management, and Waterfind is here to provide you with the information, guidance, and support you need to navigate this evolving landscape effectively.

How can our services help you in Water Act ?

Our unwavering commitment to informing and guiding our clients underscores our dedication to keeping them well-informed and empowered in navigating the ever-evolving landscape of water regulations and policies. We believe that informed decisions about water resources are vital, and we're here to support you every step of the way.
To know more about the Water Act 2007, fill out the, 'Ask An Expert' form below:
Ask An Expert
crosscross-circle