NSW cracking down on water market speculators

NSW cracking down on water market speculators
NSW cracking down on water market speculators

The NSW Government is introducing new measures to crack down on anti-competitive behaviour and expose speculation in the water market, to address concerns raised by regional communities.

Minister for Water, Property and Housing Melinda Pavey said the NSW Government would begin public consultation in November to determine what improvements should be made to our existing water registers.

“Water Transparency is currently front of mind in our communities and we have created multiple platforms to improve it in NSW,” Mrs Pavey said.

“We need to ensure that the details captured on our water register are strong enough to ensure transparency, but don’t go too far by putting farmer’s details at risk."

“The interim ACCC report highlighted the potential dangers to farmers of having too much information on the register and indicated a number of unintended negative consequences of such an approach"

Mrs Pavey said she looks forward to the final Australian Competition and Consumer Commission report to be handed down in February 2021, addressing foreign ownership and water speculation. 

Minister Pavey is also now calling on the ACCC to look at overseas ownership, monopoly ownership and unhelpful speculation, along with registration of brokers across state borders.

Tags: 
Regional Markets Water

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