ACCC calls for major overhaul of ‘outdated’ Murray-Darling Basin water markets

Australia’s $2 billion water market needs a major overhaul, according to the Australian Competition and Consumer Commission.

An 18-month study by the competition watchdog found it was not illegal to manipulate the Murray-Darling Basin’s water markets, but recommended water deals be subjected to greater scrutiny and transparency.

The ACCC said the market had evolved as a by-product of decades of reform aimed at recovering water from the environment and was now in desperate need of its own dedicated set of reforms.

It found a lack of attention by federal and…