Trading water

On Wednesday 2 July 2025, the Murray-Darling Basin Authority made 38,767.7 megalitres (ML) of allocation trade opportunity available from above to below the Barmah Narrows. As in previous years, there was more demand than supply.

2025 marked the third year that NSW and Victoria  synchronised the timing of the Barmah trade opportunity.

This year, Victoria and NSW implemented a new joint randomisation protocol for the processing of Barmah trade applications. The new protocol meant that differences in each state’s processing approach and systems did not influence traders’ access to the available Barmah trade opportunity. You can learn more about how the protocol worked here (PDF, 100.53 KB). This was independently observed by the Australian Competition and Consumer Commission.

A submission window for NSW and Victorian trade applications was open from 7 am to 2 pm on 2 July 2025.

Manual processing of the applications was undertaken on 3 July 2025, in the order determined by the randomisation process.

Please see below the key statistics from 2 July 2025 trade, or view a more detailed breakdown of the Barmah Choke trade here.

The Department of Climate Change, Energy, the Environment and Water (DCCEEW) has introduced a mandatory Water Markets Intermediaries Code for water markets intermediaries in the Murray–Darling Basin under the Water Amendment (Water Markets Intermediaries Code and Trust Accounting Framework) Regulations 2025. The Australian Competition and Consumer Commission (ACCC) is responsible for regulating the Code and the trust accounting framework in the Water Act, including monitoring compliance and taking enforcement action when necessary or appropriate.

The code obligations apply to brokers, exchanges, irrigation infrastructure operators (IIOs), and other intermediary service providers (all eligible water markets intermediaries as defined in the Water Act, see Appendix B). These parties must comply with the new trust accounting obligations under the Water Act 2007.

The code will be in effect in two phases. Certain requirements of the code began on the 1 July 2025, with phase two commencing 1 October 2025. For more information, view the Water Amendment (Water Markets Intermediaries Code and Trust Accounting Framework) Regulations 2025 fact sheet.

Information session

The ACCC is hosting a free supplementary online information session for participants to learn about the new Water Markets Intermediaries Code and the ACCC’s approach to compliance. This information session will provide participants:

• further details on the obligations commencing 1 October 2025
• an overview of the ACCC’s guidance approach
• time for questions and answers.

The information session will be held online on Thursday 24 July 2025 11:00 am to 12:00 pm (AEST). To register, please visit the ACCC’s website.

The ACCC have published guidance materials for the Water Markets Intermediaries Code and statutory trust accounting framework which can be found on the ACCC’s website.

Please review these materials before attending to assist you with any questions you may wish to raise in the session. The ACCC will be referring to the final regulations as part of its presentation.

Submit feedback

From 1 July 2024, there will be new customer obligations when providing information to WaterNSW for trade transactions. The Australian Competition and Consumer Commission (ACCC), through its Murray-Darling Basin water markets inquiry 2019-21 recommended mandatory reporting of prices for all tradeable water rights transactions, including irrigation rights and water delivery rights. The Federal Government accepted their recommendation and has made it a legal requirement under the Restoring our Rivers Bill 2023.

What does this change mean for me?

• Trade and transfer application forms must be completed comprehensively and accurately, even if it is commercially sensitive, commercial in confidence, or personal information. This means you are required to state the correct reason for the trade and the accurate price paid.
• Records that relate to reason for trade and price information that are provided to water market authorities will need to be kept by the person for a minimum of 5 years.
• Failure to comply can result in serious civil penalties.

To ensure you remain compliant or for more information, view the Australian Government Department of Climate Change, Energy, the Environment and Water fact sheet here.

WaterNSW will now only refer ‘Groundwater 71T dealings’ (allocation assignments / temporary trades) to NSW DCCEEW where an impact assessment is required. Impact assessment referrals are made based on set guidelines.

To assist you in understanding the process and the assessment requirements, please refer to the NSW DCCEEW fact sheet.

Customers should be aware that, the water account balancing or topping up at the end of a water year (including trades received in the month of June) will be considered trade within that same water year and could be subject to an impact assessment which may result in a reduced volume or a refused application, depending on the outcome of the individual assessment.

The Water Amendment (Restoring Our Rivers) Act 2023 (CTH) has passed, which removes 'grandfathered' tagged water entitlements. From 1 July 2024, the changes introduced mean that all tagged water entitlements that were issued before 22 October 2010 will be subject to the same restrictions as other water entitlement holders in terms of water allocation trade. For more information, please read our Grandfathered tag status frequently asked questions (FAQs)  (PDF, 443.97 KB)

From 1 July 2024, we will re-commence third-party consent checks on applicable groundwater trades (71T Dealings), applying modern privacy principles to the process. In addition to this improved process, WaterNSW will also improve transparency for market participants around impact assessments for groundwater trades. 

What does this mean for me?

• We will provide relevant support to applicants in helping to identify third-parties who may be impacted by their application to trade groundwater.
• When needed, we will provide applicants with a third-party consent form*. This form is used to gain consent from the third-party within 10 business days for an impact assessment. We will also provide general information to those who may be impacted.*Disclaimer: The below is an example image of our third-party consent form. The form will be provided as required from WaterNSW.



• If you can't obtain consent, your application might be denied, or the transfer amount reduced to an amount where there is no third-party impact.

For more information about the new process for completing temporary trades, including eligibility criteria, application procedures, and approval timelines, please refer to our frequently asked questions (PDF, 315.93 KB) and this fact sheet.