The Hon Tony Burke MP
Minister for Sustainability, Environment, Water, Population and Communities
The Hon Bill Shorten MP
Minister for Financial Services & Superannuation
Public consultation on regulation amendments to water market trading
Joint media release
7 May 2013
Financial Services Minister Bill Shorten and Water Minister Tony Burke today invited public comment on a draft amendment to the Corporations Regulations 2001.
The proposed amendment allows for water rights commonly traded on Australian water markets to be regulated in the same manner as agricultural commodities.
"Public feedback will help inform the regulations so they provide clarity to water market participants about the regulations that apply to them," Mr. Shorten said.
"We want the amendment to provide long term clarity to water market participants and allow for the continued growth of Australian water markets."
Water Minister Tony Burke said a well functioning water market is important in providing the irrigation industry and other water users flexibility to manage water as efficiently as possible, and to adapt to changes in water availability.
"This initiative arose directly from consultation at the irrigation roundtable," Mr Burke said.
"We are interested in seeking views from affected stakeholders on the appropriateness and scope of the regulations."
The Australian Government announced its intention to undertake these reforms on 10 November 2012. The draft amendment is now available for public comment. The four week public consultation period will close on Friday 7 June 2013.
For more information on the proposed amendment or to provide a submission: http://www.treasury.gov.au/ConsultationsandReviews/Submissions