The Australian Competition and Consumer Commission (ACCC) has welcomed plans to expand its powers and make it the water market conduct regulator in the Murray-Darling Basin.
The announcement, by Minister for the Environment and Water, Tanya Plibersek, is part of the Government’s response to the Water Market Reform: Final Roadmap Report, released last week.
Deputy Chair of the ACCC, Mick Keogh said the Roadmap built on the findings and recommendations of the ACCC’s 2021 report on Murray-Darling Basin water markets.
“These are important reforms that can help to restore trust and confidence in Murray-Darling Basin water markets,” Mr Keogh said.
“The recommendations the Government has accepted involve the ACCC enforcing new Basin-wide laws that address harmful market conduct, including through bans on market manipulation, stronger insider trading rules, and a mandatory code of conduct for water market intermediaries,” he said.
“The benefits of well-functioning Murray-Darling Basin water markets will flow through the entire Australian economy.”
Mr Keogh said the Roadmap presented ways to improve the functioning and governance of water markets, apply safeguards similar to those in place for other comparable trading markets, and improve confidence in Basin water markets.
He said it was developed in consultation with Basin States and key stakeholders, including targeted consultation with the ACCC.
The Deputy Chair said that in response to the Roadmap Report, Government had committed to legislating new water market integrity and conduct reforms, including an enforceable mandatory code of conduct for water market intermediaries.
“We look forward to working constructively with the Australian Government, Basin States, industry and other key stakeholders as the recommendations are implemented,” Mr Keogh said.
The 154-page Roadmap Report can be accessed at this PS News link.
