National Water Market System and Trading Portal Launched

The first stage of the National Water Market System Portal website (www.nationalwatermarket.gov.au) is now publically available online.

The National Water Market System (NWMS) is a Council of Australian Governments (COAG) initiative which aims to improve the efficiency of water registers, transactions and market information functions. The objectives of the NWMS are to ensure:

• that each jurisdiction has a sound water register system that records water rights and supports water accounting and resource management
• transaction times for trades and other dealings are not limited by register processes
• reduced transaction times and costs
• easy access to consistent, accurate information
• inter-operability between relevant water registers

At this stage, the website provides information on water trading rules and procedures as well as government support and water programs.

The next major improvements to the site will be the addition of summary trade data. At its completion, the website will provide enhanced trading process information, reporting on trade volume and price, trend and historical reporting, and user driven trade reporting.

The NWMS is the product of a funding announcement by the Commonwealth Minister for Climate Change and Water in November last year of $56 million "to develop a faster, more efficient and nationally focused water market system". At the time of the announcement, the Minister indicated that the rationale behind the program was to:

deliver better, real time market information, much faster and more efficient transactions, and improved interstate trade.

This new 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 on things like water licenses and seasonal allocations.

Explore the National Water Market System website