Report dodgy conduct – ACCC monitors water markets compliance

Olive industry members are being urged to report dodgy conduct within Australia’s water-handling market, as new compliance monitoring efforts begin.

The country’s water markets have grown significantly in recent decades as users – such as agricultural irrigators – buy and sell water rights.

A growing population and ongoing climate volatility are intensifying pressure on the precious water resource and understandably, water is big business.

Australia’s water markets turned over an estimated $4 billion in 2021-22, according to the Bureau of Meteorology’s most recent Australian Water Markets Report.

The Australian Competition and Consumer Commission (ACCC) has advised it will carry out desk-top audits throughout 2026 to ensure intermediaries – such as brokers, irrigation infrastructure operators and real estate agents – are complying with their obligations.

The ACCC is responsible for enforcing the mandatory Water Markets Intermediaries Code (prescribed by the Water Regulations 2008) and the trust accounting requirements (Part 5 of the Water Act 2007).

These provisions regulate the conduct of intermediaries towards current and proposed clients and how intermediaries manage client money and tradeable water rights.

The ACCC will use its compulsory information gathering powers to conduct three rounds of compliance checks throughout 2026, via the issuing of notices to select intermediaries.

The first round is set to begin soon, with compliance notices issued to a select group of 10-20 intermediaries, focusing on general records relating to code compliance. Rounds two and three will be conducted in the second half of 2026, pertaining to statutory trust account and broking water account record keeping.

Not all intermediaries will receive a compliance check notice in 2026. A summary of findings will be published upon completion. More information can be found on the ACCC website.

The ACCC urged irrigators, infrastructure operators and industry groups with concerns about the conduct of an intermediary to contact [email protected].

Sources:
www.accc.gov.au
www.dcceew.gov.au
www.bom.gov.au

Image: Michael Thomsett.