The Australian Competition and Consumer Commission (ACCC) conducted this inquiry in response to a direction by the Treasurer, Josh Frydenberg, to examine markets for tradeable water rights in the Murray–Darling Basin (the Basin). This report makes recommendations to enhance markets for tradeable water rights, including their operation, transparency, regulation, competitiveness and efficiency.

The report draws on the views of a broad range of stakeholders with interests in the use and trade of water in the Basin, analysis of wide-ranging water market data from 2012 onwards, and other information and documents gathered from various large water users, investors, market intermediaries and government entities. The ACCC thanks all those who contributed their views and information to this inquiry.