Blog: Water Markets – Broadening the water governance toolkit
Australia’s Murray-Darling Basin (MDB), which arguably has one of the world’s most mature water markets, serves as a useful case study to identify some complexities of a market-based approach to governing water. While it is a mature market on account of some two decades of implementation, this is not to imply that it is perfect – just that it is quite sophisticated in its governance arrangements. There remains much room for improvement however (see ACCC 2021). Its technical nature means that some nuances of how it operates cannot be fully explained in a brief article of this nature.