Water Markets Data Standards 2026

Explanatory Statement

Issued by the Director of Meteorology

Water Act 2007

Water Markets Data Standards 2026

Legislative Authority

Under subsection 135J(1) of the Water Act 2007 (Cth) (the Water Act), the Director of Meteorology (Director) may, by legislative instrument, issue Water Markets Data Standards relating to water markets information.

The Water Act provides for the management of the water resources of the Murray–Darling Basin, and for other matters of national interest in relation to water, water information, and water markets information.

The Water Act was amended by the Water Amendment (Restoring Our Rivers) Act 2023 (Cth) to insert a new Part 7A into the Water Act which relates to water markets information. Part 7A commenced on 1 July 2024.

Purpose

The purpose of the Water Markets Data Standards 2026 (the Standards) is to support improved transparency and confidence in water markets in the Murray–Darling Basin by establishing consistent requirements for water markets information.

The Standards prescribe the detailed requirements for collecting, generating, recording and providing water markets information. Division 4 of Part 7A of the Water Act, together with regulations made under that Division, impose obligations on persons or classes of persons to collect, generate or record, and provide to the Bureau of Meteorology (Bureau), specified kinds of water markets information in accordance with these Standards. The Standards therefore set out the form, manner and content of those obligations, but do not create the obligations themselves.

The Standards specify a common, structured framework for describing water markets information in the Murray–Darling Basin, including metadata requirements and rules for the collection, generation, recording and provision of that information by water market authorities and trading platform operators.

The Director's power to issue the Standards is exercised in accordance with the objects of the Water Act, including the object of Division 4 of Part 7A, which is to enable the Bureau to fulfil its functions relating to water markets information.

The Standards support the Bureau to:

• perform its functions and exercise its powers to collect, hold, manage, publish, disclose, interpret and advise on water markets information;
• efficiently receive and make available water markets information from different sources and systems across the Murray–Darling Basin; and
• facilitate the development of cohesive Murray–Darling Basin-wide datasets that are timely, complete, equivalent, comparable and meaningful.

The Standards support key water market reform objectives, including:

• improved information transparency and market confidence through access to reliable and timely price and trade data; and
• improved market integrity through regulator access to information needed to monitor and enforce market conduct legislation and rules.

Background

Australian water markets involve the buying and selling of water entitlements and allocations. They facilitate more productive use of scarce water resources and contribute to sustainable water management. Australia's largest water markets are in the Murray–Darling Basin where they are critical to irrigated agriculture and communities. In 2021-22 it was estimated that the value of water traded in the Murray–Darling Basin was approximately $3.7 billion.

In August 2019, the Treasurer directed the Australian Competition and Consumer Commission (ACCC) to review the operation of these markets. In March 2021, the ACCC released the Murray–Darling Basin water markets inquiry – final report[1], which recommended major reforms to Murray–Darling Basin water markets.

The ACCC found that improved governance and regulatory arrangements were needed in Murray–Darling Basin water markets and identified a lack of quality, timely and accessible information available to water market participants when making trading and investment decisions.

In response, the Australian Government commissioned the independent Water market reform: final roadmap report[2] (the Roadmap), which was released in October 2022.

The Roadmap outlined 23 recommendations that aim to restore transparency, integrity and confidence in water markets in the Murray–Darling Basin. The recommended reforms included new legislation supported by enhanced data collection and reporting requirements and new digital infrastructure. On 7 December 2023, the Water Amendment (Restoring Our Rivers) Act 2023 (Cth) received Royal Assent and introduced amendments to the Water Act, including the insertion of Part 7A, which commenced on 1 July 2024.

Part 7A of the Water Act implements recommendations in Chapter 4 of the Roadmap and addresses the following objectives to:

• enhance the transparency and availability of market data to improve knowledge and understanding of the market, its activities and prices;
• enable the ACCC and the Inspector-General of Water Compliance (Inspector-General) to identify and enforce compliance with water market conduct rules and data reporting requirements;
• broaden and strengthen price reporting of trade and pre-trade data for water markets in the Murray–Darling Basin (recommendations 4 and 5); and
• establish a new water market data and systems framework, including water markets data standards, powers for the Bureau to share identified information with the ACCC and the Inspector-General and publish de-identified data (recommendation 10).

Impact and effect

The obligations imposed on persons or classes of persons under Division 4 of Part 7A of the Water Act must be fulfilled in accordance with the Standards.

The Standards provide for:

• the metadata a water market authority or trading platform operator must collect, generate or record, and provide to the Bureau in respect of water markets information required under Division 4 of Part 7A of the Water Act;
• the manner in which names, addresses and business numbers must be collected, generated or recorded;
• the identification of individual trades or transfers;
• requirements for assigning unique identifiers; and
• the form and manner in which water markets information is to be provided to the Bureau.

Water market authorities and trading platform operators will need to align their systems and procedures to gather and manage the necessary metadata requirements set out in the Standards. They will need to establish data provision arrangements that comply with allowable forms and methods of provision. In most cases this will require authorities and operators to increase or change the information they seek from market participants in relation to eligible tradeable water rights on issue, trades and transfers of eligible tradeable water rights and buy and sell offers. Authorities and operators will be required to express the information they hold in accordance with conventions set out in the Standards and create standard data records for provision to the Bureau.

While the Director has responsibility for issuing the Standards, overseeing compliance with the Standards is a matter for the Inspector-General. Nothing in the Standards amends, or is capable of amending, the civil penalty provisions in the Water Act, or affects the Inspector‑General's power to conduct, or appoint or establish an auditor to conduct, an audit assessing the performance of obligations under Part 7A of the Water Act.

References to other standards

The Standards do not apply, adopt or incorporate other standards under section 135K of the Water Act.

Privacy

The Bureau may collect and use personal information

The collection, use and disclosure of water markets information is authorised by Part 7A of the Water Act 2007 and the Water Regulations 2008, and is undertaken for the purpose of the Bureau performing its statutory functions or exercising its powers in relation to water markets information under this legislation.

The Standards prescribe the technical form, manner and data requirements for giving water markets information to the Bureau where obligations arise under the Water Act. Water markets information that is required to be provided to the Bureau will, in some circumstances, include personal information within the meaning of the Privacy Act 1988.

Section 11 of the Standards prescribes how certain identifying information about owners, buyers or sellers of eligible tradeable water rights, their representatives or intermediaries acting on their behalf, is to be collected, generated or recorded. This information includes names, addresses, and Australian Company Numbers (ACN), Australian Registered Body Numbers (ARBN) and Australian Business Numbers (ABN). Water markets information also includes identifiers for water entitlements and water accounts. Personal information in relation to a water market authority or trading platform operator and its representatives, or third parties may also be collected where required by the Bureau in performing its functions under the Water Act.

Most personal information is not provided directly to the Bureau by the person to whom the information relates, but indirectly by entities obligated to provide water markets information to the Bureau. Entities providing personal information will be required, through acceptance of terms and conditions for access to the Bureau's water markets information system (known as the Water Data Hub) and a privacy notice, to confirm that they have obtained consent from relevant individuals to provide their personal information to the Bureau.

Publication and disclosure of personal information by the Bureau

The Director is permitted, under section 135D of the Water Act to publish water markets information, subject to the safeguards in subsection 135D(2), including safeguards which protect personal information.

Section 135P authorises the Bureau to disclose information, including personal information, obtained by the Bureau under Part 7A of the Water Act, to the ACCC and the Inspector‑General if the Bureau reasonably believes that the disclosure is reasonably necessary for, or directly related to, the performance of the functions or the exercise of the powers of those entities under the Water Act.

How collected information is recorded or stored 

Personal information received by the Bureau as part of water markets information is ciphered in addition to the standard encryption on receipt. The ACCC and the Inspector-General will be able to decipher encrypted personal information using a unique key which only they hold.

All other information in the Water Data Hub not subject to the above arrangements, including identifying details of data providers and water account identifiers, remains protected consistent with Australian government security guidelines for cryptography and access control.

Correction of personal information 

In accordance with Australian Privacy Principles (APPs) under the Privacy Act, an APP entity must take reasonable steps to ensure the personal information it collects is accurate, up to date and complete.

Section 21 of the Standards provides the manner and form in which water markets information may be corrected where a water market authority identifies that information is incorrect.

Privacy Impact Assessment

The Bureau undertook an internal Privacy Impact Assessment for implementing Part 7A of the Water Act. The assessment identified measures to mitigate privacy risks associated with the collection, use and disclosure of water markets information. The Bureau has accepted and implemented these measures.

Consultation

As required under section 135L of the Water Act, the Bureau undertook extensive consultations with Basin States, the ACCC, the Inspector-General and other affected stakeholders and interested parties in developing the Standards.

From January 2023 to July 2026, the Bureau consulted with the Department of Climate Change, Energy, the Environment and Water (DCCEEW) to understand the policy intent and scope of water market reforms and align the Standards accordingly. Over the same period, the Bureau consulted extensively with the ACCC and the Inspector-General to understand their respective regulatory roles, responsibilities and functions, and design the Standards to support these. Consultation included regular online and face-to-face workshops.

The Bureau conducted a discovery phase of engagement in the first half of 2023, meeting face-to-face on location at the offices of 15 representative organisations in the
Murray–Darling Basin that hold water markets information, as follows:

• 6 Basin State water agencies and trade approval authorities;
• 6 irrigation infrastructure operators; and
• 2 water markets intermediaries.

The purpose of the engagement was to better understand the range of perspectives on water markets information and the nature of existing data management and collection processes and capability. Feedback received highlighted likely challenges and opportunities associated with the development and implementation of the Standards, including matters relating to scope, stakeholder roles and responsibilities, proposed metadata elements and data provision methods. The Bureau shared consolidated feedback directly with stakeholders and published a summary of findings on its website.[3]

In a second phase of engagement, between March and July 2024, the Bureau consulted all Basin State water market authorities, irrigation infrastructure operators and water markets intermediaries identified at the time by DCCEEW as likely to be affected by the Standards. The Bureau conducted face-to-face workshops with a total of 42 organisations at sites across the Murray–Darling Basin, to better understand the water markets information each organisation holds, their data management capability and perspectives on upcoming obligations. The workshops were structured to share information on recent amendments to the Water Act and seek feedback on the development and implementation of the proposed Standards and data reporting requirements. Feedback informed details of the metadata elements to be included in the Standards, data provision methods and timings. The Bureau published an overview of stakeholder engagement and feedback on its website in October 2024.[4]

Between December 2024 and May 2025, the Bureau provided tailored guidance to data providers likely to be affected by the new requirements to support understanding of, and preparation for, the Standards. Larger organisations were offered guidance materials specific to their data and systems, while smaller organisations were provided with an overall guidance package and information sessions. In the same period, initial discovery workshops were held, both online and in person, with six water markets intermediaries operating manual trading platforms to better understand their water markets information and data management capabilities. The Bureau provided further guidance to all organisations as needed during 2025/26.

In October 2025, the Bureau published an exposure draft of the Standards on a 'Have Your Say' website, and invited feedback over a 6-week period. The Bureau received a total of 16 formal submissions—8 submissions from irrigation infrastructure operators, water markets intermediaries and industry bodies and 8 submissions from Government organisations including Basin State agencies and the Inspector-General. Analysis of submissions highlighted stakeholder feedback consistent with themes raised throughout the Bureau's engagement. Feedback showed:

• broad support for the overall approach of the Standards and the need to publish water markets data to enhance transparency. However, stakeholders raised concerns about how the Standards would work in practice.
• that meeting the new data requirements would be challenging. Feedback highlighted significant operational pressures, including the need to upgrade manual processes, manage competing organisational priorities, cover system upgrade costs and address potential impacts on customers.
• a clear understanding that metadata elements in the Standards are essential for accurate reporting and interoperability.
• strong concerns on timing and readiness for the planned start date of 1 July 2026. With this feedback in mind, the Australian Government delayed the start of new water markets information obligations for data providers, including compliance with the Standards, until 1 July 2027.

In October/November 2025, the Bureau engaged an independent reviewer to assess the draft Standards for alignment with defined objectives and intentions outlined in the Roadmap, adherence to relevant standard setting practices and guidelines, clarity of language, consistency of content, and adequacy in addressing intended outcomes and stakeholder needs. The reviewer found the exposure draft to be fit-for-purpose and a clear, authoritative reference, well aligned with relevant government policies.

In February 2026, the Bureau published a summary report of feedback on the exposure draft of the Standards, and next steps.[5]

The Bureau has taken all feedback into consideration in preparing the Standards. The Bureau liaised closely with relevant organisations to address concerns raised about the practical operation of the Standards and to ensure controlled lists in the Standards accurately reflect Basin State terminology. To minimise regulatory burden, the Standards (supported by the Bureau's new water markets information system) accommodate a range of data provision forms and methods appropriate to the different levels of complexity and sophistication in data provider systems and processes. Additionally, the Bureau has made technical materials available, including schemas, templates and sortable metadata element lists and provided access to test environments for data provision.

The Office of Impact Analysis has advised that obligations under the Government’s Impact Analysis framework have been met through the certification of the Roadmap in August 2022 Certification of Independent Review - Water Market Roadmap | The Office of Impact Analysis (OIA22-01397).[6]

Details/Operation

The Standards are a legislative instrument for the purposes of the Legislation Act 2003 and commence on 1 July 2026.

Details of the Standards are set out in Attachment A.

Other

The Standards are compatible with the human rights and freedoms recognised or declared under section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011. A full statement of compatibility is set out in Attachment B.

Attachment A

Details of the Water Markets Data Standards 2026

Part 1—Preliminary

Section 1 – Name

This section provides that the name of the instrument is the Water Markets Data Standards 2026 (the Standards).

Section 2 – Commencement

This section provides for the Standards to commence on 1 July 2026. This aligns with the commencement of the Water Amendment (Water Markets Information) Regulations 2026, which insert Part 7A into the Water Regulations 2008 (the Water Regulations).

Section 3 – Authority

This section provides that the Standards are made under subsection 135J(1) of the Water Act 2007 (the Water Act).

Section 4 – Definitions

This section defines the terms and expressions used in the Standards. Several of these expressions are defined in the Water Regulations and have the same meaning in the Standards.

The expressions 'eligible water markets intermediary', 'water market authority' and 'water markets information' are defined in Part 4 of the Water Act. The meaning of 'eligible tradeable water right' is set out in section 6A of the Water Act. 'Irrigation infrastructure operator' has the meaning given by subsection 7(4) of the Water Act.

Section 5 – Meaning of finalised

This section defines 'finalised' in relation to an eligible tradeable water right. The definition provides that the trade or transfer of an eligible tradeable water right is finalised if a water market authority takes an action or makes a decision mentioned in subregulation 7A.07(1) of the Water Regulations in respect of the trade or transfer.

For example, a finalised trade or transfer of an eligible tradeable water right is a trade or transfer in respect of which a trade application has been lodged with, or notified to, a water market authority and, on or after 1 July 2027, the authority decides to refuse the trade or transfer. This is an example of a finalised trade or transfer described in paragraph 5(b) of this section.

The term 'finalised' is used in clauses 1 and 2 of Schedule 2 of the Standards which set out the requirements for collecting, generating or recording water markets information about finalised trades or transfers (subcategories 2a and 2b water markets information respectively).

Section 6 – Meaning of metadata entity and metadata element

Subsection 6(1) defines the term 'metadata entity' and specifies a list of twelve metadata entities in relation to the kinds of water markets information required to be collected, generated or recorded, and given to the Bureau of Meteorology (the Bureau).

For the purposes of the Standards, a metadata entity is a real-world object or thing with an independent existence that can be differentiated from other objects or things. An entity might be an object with physical existence (e.g., a water markets intermediary or a trading platform) or an object with conceptual existence (e.g., an eligible tradeable water right, a trade or transfer of an eligible tradeable water right or a buy or sell offer).

Subsection 6(2) defines a 'metadata element' as an attribute of a particular metadata entity.

The tables in Schedules 1, 2 and 3 list the metadata elements that constitute the requirements for collecting, generating or recording water markets information for the relevant category or subcategory. Each metadata element is an attribute of one or other of the 12 metadata entities listed in subsection 6(1). For example, the table in clause 1 of Schedule 1 includes the metadata elements 'ETWR owner name', 'ETWR owner address' and 'ETWR owner ACN, ARBN or ABN'. These metadata elements are attributes of the metadata entity 'ETWR owner' and are part of the requirements for collecting, generating or recording category 1 water markets information.

Subsection 6(3) sets out that Schedule 4 contains a table that lists each metadata entity and all metadata elements that are attributes of the entity, along with the category or subcategory of water markets information to which the metadata element belongs.

Subsection 6(4) refers to Schedule 4, which includes a simplified conceptual entity relationship diagram.

Section 7 – References to metadata elements

Metadata element IDs may be used to refer to metadata elements. The metadata element ID for each metadata element is specified in the relevant item in column 1 of the table in Schedules 1, 2 or 3.

The example in section 7 uses item 1 of the table in Schedule 1 to demonstrate the use of a metadata element ID to refer to a metadata element.

Part 2—Collecting, generating or recording water markets information

Division 1—Preliminary

Section 8 – Application of this Part

Part 2 of the Standards applies in relation to water market authorities required by Division 4 of Part 7A of the Water Act to collect, generate or record category 1 or category 2 water markets information, and to trading platform operators required to collect, generate or record category 3 water markets information.

The requirement for a person to collect, generate or record water markets information is set out in section 135H of the Water Act.

Regulation 7A.09 of the Water Regulations specifies the classes of persons required to collect, generate or record specified water markets information.

Division 2—Main requirements

Section 9 – Purpose of this Division

The purpose of Division 2 of Part 2 is to:

• deal with the details for collecting, generating or recording water markets information, as required by Division 4 of Part 7A of the Water Act, and the details of the persons that will be required to do so; and
• provide for metadata requirements in respect of such water markets information, and the manner in which such water markets information is to be collected, generated or recorded.

Section 10 – How water markets information is to be collected, generated or recorded

This section specifies the information a water market authority or trading platform operator must collect, generate or record for each of the three categories of water markets information set out in regulations 7A.04, 7A.05 and 7A.06 of the Water Regulations.

The requirements refer to tables in Schedules 1, 2 and 3 of the Standards.

Category 1 water markets information

Category 1 water markets information is information about permanent eligible tradeable water rights on issue. Subsection 10(1) sets out that, to be acting in accordance with the Standards, a water market authority must collect, generate or record the information in the table in Schedule 1 that applies in relation to the permanent eligible tradeable water right.

Category 2 water markets information

Category 2 water markets information is information about the trade or transfer of permanent or temporary eligible tradeable water rights. The Standards set out three subcategories of category 2 water markets information as follows:

• subcategory 2a water markets information about a finalised trade or transfer of an eligible tradeable water right (other than a component trade or transfer);
• subcategory 2b water markets information about a finalised component trade or transfer of an eligible tradeable water right; and
• subcategory 2c water markets information about the trade or transfer of a water access entitlement in respect of which a trade application is lodged.

For a finalised trade or transfer of an eligible tradeable water right (other than a component trade or transfer), paragraph 10(2)(a) sets out that a water market authority must collect, generate or record subcategory 2a water markets information for each applicable individual trade or transfer identified in accordance with Division 3 of Part 2. This information is set out in the table in clause 1 of Schedule 2.

For a component trade or transfer of an eligible tradeable water right, paragraph 10(2)(b) sets out that an IIO water market authority must collect, generate or record subcategory 2b water markets information for each applicable individual trade or transfer identified in accordance with Division 3 of Part 2. This information is set out in the table in clause 2 of Schedule 2.

The requirement applies to an IIO water market authority responsible for batching the component trade or transfer into a batched transaction. The terms 'batched transaction' and 'component trade or transfer' are defined in the Water Regulations.

Paragraph 10(2)(c) sets out requirements for the trade or transfer of a water access entitlement in respect of which a trade application is lodged with, or notified to, a Basin State water market authority. It sets out that the authority must collect, generate or record subcategory 2c water markets information for each applicable individual trade or transfer identified in accordance with Division 3 of Part 2. This information is set out in the table in clause 3 of Schedule 2.

The requirement in paragraph 10(2)(c) applies where the authority has entered information onto, or updated information on, a relevant water register to record a decision described in item 3 of the table in subregulation 7A.07(1) of the Water Regulations made about the trade application, or to record that the trade application is withdrawn, or has lapsed or expired.

Category 3 water markets information

Category 3 water markets information is information about buy or sell offers that are made in respect of water allocations and are published on a trading platform provided by a trading platform operator. Subsection 10(3) sets out that, to be acting in accordance with the Standards, a trading platform operator must collect, generate or record the information in the table in Schedule 3 that applies in relation to the offer.

Section 11 – How identifying information is to be collected, generated or recorded

Subsection 11(1) provides that the requirements for the collection, generation or recording of the name, address and ACN, ARBN or ABN of a metadata entity set out in section 11 apply only if a water market authority or trading platform operator is required by Division 4 of Part 7A of the Water Act to collect, generate or record such water markets information.

Requirements for recording a name

Subsection 11(2) provides for the requirements that apply to the collection, generation or recording of the name of a metadata entity. It sets out that a water market authority or trading platform operator must collect, generate or record the name by conforming with the requirements in paragraphs 11(2)(a), 11(2)(b) and 11(2)(c). The following table describes these requirements.

Paragraph 11(2)(b) applies if paragraph 11(2)(a) does not apply. For example, if an entity is both a registered company and a registered business, the company name must be collected, generated or recorded.

Paragraph 11(2)(c) applies only if neither paragraph 11(2)(a) nor 11(2)(b) apply. For example, if an entity is a natural person, the full legal name of the person must be collected, generated or recorded. Initials and family name would not be sufficient.

Examples of metadata elements where the name of a metadata entity is required include WM2a‑BNAM (buyer name), WM2a‑BRPN (buyer representative name), WM2a‑BION (buyer intermediary organisation name) and WM3‑IINA (individual intermediary name).

Requirements for recording an address

Subsection 11(3) provides for the requirements that apply to the collection, generation or recording of the address of a metadata entity. It sets out that a water market authority or trading platform operator must collect, generate or record the address by conforming with the requirements in paragraph 11(3)(a), 11(3)(b) and 11(3)(c). The following table describes these requirements.

Paragraph 11(3)(b) applies if paragraph 11(3)(a) does not apply. For example, if an entity is both a registered company and a registered business, the address of the registered office must be collected, generated or recorded.

Paragraph 11(3)(c) applies only if neither paragraph 11(3)(a) nor 11(3)(b) apply.

Examples of metadata elements where the address of a metadata entity is required include WM1‑EOAD (ETWR owner address), WM2a‑BADD (buyer address) and WM2a‑SRPA (seller representative address).

Requirements for recording an ACN, ARBN or ABN

Subsection 11(4) provides for the requirements that apply to the collection, generation or recording of the ACN, ARBN or ABN of a metadata entity. It sets out that a water market authority or trading platform operator must collect, generate or record either the ACN, ARBN or ABN held by the authority or operator in that order. For example, if a buyer has an ARBN but not an ACN, the ARBN must be collected, generated or recorded. In another example, if a buyer has both an ACN and an ABN, the ACN must be collected, generated or recorded.

Examples of metadata elements where the ACN, ARBN or ABN of a metadata entity is required include WM1‑EOAC (ETWR owner ACN, ARBN or ABN), WM2a‑BACN (buyer ACN, ARBN or ABN) and WM2a‑BIOA (buyer intermediary organisation ACN, ARBN or ABN).

Exception—names and addresses to be given to Bureau before 1 August 2027

Subsection 11(5) provides for an exception to the requirements for recording the name or address of an owner of a permanent eligible tradeable water right by a water market authority. If the conditions in paragraphs 11(5)(a) and 11(5)(b) are met, an authority may comply with the Standards by collecting, generating or recording the name or address as included on the relevant water register before 1 August 2027.

Paragraph 11(5)(a) provides that the exception applies if a water market authority is required to give the name or address to the Bureau in accordance with item 1 of the table in subregulation 7A.07(1) of the Water Regulations. Subregulation 7A.07(1) relates to category 1 water markets information about a permanent eligible tradeable water right on issue with an authority immediately before 1 July 2027 or first entered onto or updated on a relevant water register between 1 July 2027 and 31 July 2027. The relevant metadata elements in category 1 where name or address is required are WM1-EONA (ETWR owner name) and WM1‑EOAD (ETWR owner address).

Paragraph 11(5)(b) provides that the exception applies if, before 1 August 2027, the name or address of the owner has not been included on the relevant water register by the authority in accordance with the requirements set out in subsections 11(2) or 11(3) (as applicable).

For example, an owner of an eligible tradeable water right on issue with a water market authority may be a business, with a business name registered on the Business Names Register, but the name recorded by the authority on the relevant water register before 1 August 2027 is a trading name, rather than the registered business name. Here, the water market authority could provide the name as included on the relevant water register to the Bureau.

Division 3—Individual trades and transfers

Section 12 – Purpose of this Division

The purpose of Division 3 of Part 2 is to provide for the identification of individual trades or transfers of eligible tradeable water rights, for the purposes of subparagraph 135J(3)(b)(v) of the Water Act.

Subsection 10(2) of Division 2 of Part 2 of the Standards requires water market authorities to collect, generate or record category 2 water markets information for each applicable individual trade or transfer identified in accordance with Division 3 of Part 2.

Section 13 – Identifying individual trades and transfers

Subsection 13(1) provides that a trade or transfer of an eligible tradeable water right is an individual trade or transfer for the purposes of the Standards if it has any of the characteristics set out in paragraphs 13(1)(a) to 13(1)(f).

Paragraph 13(1)(a) refers to a trade or transfer that involves a change of ownership, whether or not the trade or transfer involves a change of the water markets trading zone (or other place) in which the eligible tradeable water right is located.

Paragraph 13(1)(b) refers to a trade or transfer that requires the lodging of a trade application with a water market authority, whether or not the trade or transfer involves a change of ownership of the eligible tradeable water right or a change of the water markets trading zone (or other place) in which the eligible tradeable water right is located. Some water market authorities require market participants to lodge a trade application for certain trades or transfers that result in neither a change in location nor ownership of the eligible tradeable water right. The effect of paragraph 13(1)(b) is that these are considered to be individual trades and transfers, and a water market authority does not need to separate them, or 'carve out' them, from a set of applicable trades or transfers.

Paragraph 13(1)(c) refers to a trade or transfer that involves a change of the water markets trading zone in which the eligible tradeable water right is located, whether or not the trade or transfer involves a change in the ownership of the eligible tradeable water right. Note that a trade or transfer that results in neither a change to the water markets trading zone in which the eligible tradeable water right is located nor a change of ownership, does not have the characteristics set out in paragraph 13(1)(a) or 13(1)(c). This is the case even if the trade or transfer results in a change in location within the same water markets trading zone. If such a trade or transfer also fails to have the characteristics set out in paragraph 13(1)(b), 13(1)(d), 13(1)(e) or 13(1)(f), it will not be an individual trade or transfer. An example is a transfer of an eligible tradeable water right between farms within a water markets trading zone (such as an irrigation infrastructure operator boundary) where the owner of the right does not change.

Paragraph 13(1)(d) refers to a trade or transfer that establishes a lease arrangement or an arrangement providing for a temporary transfer of a permanent eligible tradeable water right. A lease arrangement includes a private lease arrangement that is fulfilled through delivery of an agreed amount of water at intervals over a defined period of time. Arrangements providing for a temporary transfer of a permanent eligible tradeable water right pass the benefits and responsibilities associated with holding a permanent eligible tradeable water right to another person for a fixed period. These arrangements are also known as term transfers, limited period transfers or limited term transfers.

Paragraph 13(1)(e) refers to a trade or transfer that establishes a tagged water access entitlement (within the meaning of the Basin Plan). The trade or transfer of a water access entitlement between legal entities of different water sharing plans can establish a tagged entitlement where the entitlement remains subject to the rules of the water sharing plan in effect where the entitlement was sold.

Paragraph 13(1)(f) refers to a trade or transfer that is taken to be an individual trade or transfer of a tradeable water right in accordance with another provision of Division 3 of Part 2.

Subsection 13(2) provides that, in determining whether a trade or transfer is an individual trade or transfer, it is irrelevant whether the trade or transfer involves the payment of consideration.

Section 14 – Trades and transfers resulting from certain accounting practices

Subsection 14 applies in relation to a water market authority that is either an infrastructure operator or an irrigation infrastructure operator (commonly referred to as an 'IIO'). 'Infrastructure operator' and 'irrigation infrastructure operator' are defined in section 7 of the Water Act.

Subsection 14(2) provides that a trade or transfer of an eligible tradeable water right that results from a water market authority accounting practice set out in paragraph 14(2)(a), 14(2)(b) or 14(2)(c), is an individual trade or transfer.

Paragraph 14(2)(a) refers to a trade or transfer that is a purchase of a temporary eligible tradeable water right (typically water assigned against an irrigation right) by a customer as required by the water market authority to rebalance the customer's water account. Such trades or transfers are sometimes referred to as 'forced balancing' and may occur in an end of period reconciliation where a customer of an IIO water market authority is required by the authority to 'make good' or purchase water to rebalance a water account that is overdrawn.

Paragraph 14(2)(b) refers to a trade or transfer that is a purchase of a temporary eligible tradeable water right (typically water assigned against an irrigation right) by a customer as a result of the water market authority having excess water achieved through efficiency gains.

Paragraph 14(2)(c) refers to a trade or transfer between the water market authority's customers outside of a combined account and its customers within a combined account. The Standards provide in section 4 that a 'combined account' means a water account in which a water market authority manages multiple water accounts (other than for the primary purpose of billing). Combined accounts are an administrative arrangement offered by some water market authorities to manage multiple allocation accounts collectively as a single account, to enable pooling of allocation for use across accounts. Water allocated to a combined account can be used by any account holder within the account without requiring a trade each time water moves between account holders. This creates efficiencies and reduces transaction costs for both the water market authority and its customers. Examples of combined accounts include accounts known as amalgamated accounts, linked accounts, merged accounts, single water allocation accounts, controlling entity accounts and single farming unit accounts.

Subsection 14(3) provides that a trade or transfer of an eligible tradeable water right that results from a water market authority accounting practice set out in paragraph 14(3)(a) or 14(3)(b) is not an individual trade or transfer.

Paragraph 14(3)(a) refers to a trade or transfer that is a distribution of excess water for free to a customer where the excess water is achieved through efficiency gains. In such a practice, water is typically distributed in proportion to a customer's share of the IIO bulk licence or the water delivery rights held by a customer. The Standards provide in section 4 that an 'IIO bulk licence' means a water access entitlement that is held by an irrigation infrastructure operator and assigned by the irrigation infrastructure operator to customers of the operator as irrigation rights held by the customers.

Paragraph 14(3)(b) refers to the transfer of water between the water market authority’s customers within a combined account.

Section 15 – Batched transactions and component trades and transfers

This section provides that both a batched transaction and a component trade or transfer of an eligible tradeable water right are individual trades or transfers of an eligible tradeable water right.

The table below shows the persons required to collect, generate or record information about a batched transaction and a component trade or transfer, and the relevant subcategory of water markets information in each case.

Some IIO water market authorities facilitate the batching together of two or more component trades or transfers of eligible tradeable water rights involving multiple buyers or sellers into a single trade or transfer (a batched transaction). The service is offered to save administration and avoid multiple application fees that would otherwise be incurred by individual customers and is particularly attractive in the case of multiple small transactions on or off an IIO bulk licence.

Subcategory 2a water markets information about a batched transaction provides details of the trade or transfer between the IIO water market authority and the buyer or seller outside of the IIO. Subcategory 2b water markets information about a component trade or transfer provides details of the part of the batched transaction subsequently separated out to a customer of the authority that is a buyer or seller of that component. Together, the information from all individual trades or transfers associated with a batched transaction provides full transparency regarding the parties involved in the batched transaction and component trades or transfers.

Division 4—Unique identifiers

This Division provides the requirements that apply to the collection, generation or recording of water markets information that is a number or other identifier (a unique identifier) assigned by a water market authority or a trading platform operator.

In relation to a water market authority or trading platform operator assigning a number or other identifier to identify an eligible tradeable water right, a water account, a trade or transfer of an eligible tradeable water right or a buy or sell offer, section 4 of the Standards provides that the expression 'assign a number of other identifier' includes using a number or other identifier that has been assigned (however described) by another person or entity to identify the same thing. This expands the ordinary meaning of 'assigned' to make it clear that a water market authority may use an identifier that has been generated elsewhere.

Section 16 – Requirement for water market authorities to assign unique identifiers

This section applies if:

• in accordance with Division 2 of Part 2, a water market authority is required to collect generate or record water markets information that is a unique identifier assigned by the authority to describe a metadata element of a metadata entity; and
• the metadata element is one of those listed in subparagraphs 16(b)(i) or 16(b)(ii), which are metadata elements of a metadata entity that is an eligible tradeable water right, a water account or a trade or transfer or an eligible tradeable water right.

Subsection 16(2) provides that a unique identifier is collected, generated or recorded in accordance with the Standards only if all three requirements in paragraphs 16(2)(a), 16(2)(b) and 16(2)(c) are met.

Paragraph 16(2)(a) applies if another water market authority has assigned a unique identifier as the value for the metadata element. It provides that the water market authority must assign that same unique identifier.

For example, a customer of an IIO water market authority sells a temporary eligible tradeable water right to a buyer external to the IIO. The relevant Basin State water market authority is obliged to collect, generate or record subcategory 2a water markets information about the trade, which includes the metadata element WM2a-ISEI (individual seller ETWR ID or water account ID—trade off of an IIO bulk licence). The IIO water market authority has assigned unique identifiers for the permanent eligible tradeable water rights and water accounts owned by its customers, including the eligible tradeable water right or water account owned by the individual seller most relevant to the trade in this example. The Basin State water market authority must assign that same unique identifier assigned by the IIO water market authority as the value in metadata element WM2a‑ISEI. The Basin State water market authority will need to collect that identifier as part of information requested in the trade application.

As a second example, an IIO water market authority is obliged to collect, generate or record subcategory 2b water markets information about a component trade or transfer of an eligible tradeable water right, which includes the metadata element WM2b‑TRID (trade ID). This is the unique identifier assigned by the Basin State water market authority for the batched transaction to which the component trade or transfer relates. The IIO water market authority must assign that same unique identifier assigned by the Basin State water market authority as the value in metadata element WM2b-TRID.

Paragraph 16(2)(b) applies if paragraph 16(2)(a) does not apply—that is, another water market authority has not assigned a unique identifier as the value for the metadata element. It provides that the water market authority must assign a number or identifier that is unique within the authority to the relevant eligible tradeable water right, water account or trade or transfer, as applicable. Uniqueness within the authority means that, once an authority has assigned an identifier value to a given instance of an entity (e.g. a particular water account), that identifier must not be re-used for another instance of that entity (e.g. another water account). There is no obligation for the authority to assign an identifier that is globally unique. That is, a water market authority may use the same numbering structure as another authority.

Paragraph 16(2)(c) provides that the unique identifier assigned by the water market authority, whether assigned in accordance with paragraph 16(2)(a) or 16(2)(b), must always be used by the authority as the identifier for the relevant eligible tradeable water right, water account, or trade or transfer. This requires the use of persistent identifiers. Once a water market authority has assigned a unique identifier to a particular eligible tradeable water right, water account or trade or transfer, the assigned value should persist as the identifier of that thing and be used to reference it in any data records provided to the Bureau.

Section 17 – Requirement for trading platform operators to assign unique identifiers

This section applies if;

• in accordance with Division 2 of Part 2, a trading platform operator is required to collect, generate or record water markets information that is a unique identifier assigned by the operator to describe a metadata element of a metadata entity that is a buy or sell offer; and
• the metadata element is either WM3‑OFID (offer ID) or WM3‑ROID (related offer ID).

Subsection 17(2) provides that a unique identifier is collected, generated or recorded in accordance with the Standards only if requirements at paragraphs 17(2)(a) and 17(2)(b) are met.

Paragraph 17(2)(a) provides that the trading platform operator must assign a number or identifier that is unique within the operator to the relevant buy or sell offer. Uniqueness within the operator means that, once an operator has assigned an identifier value to a given buy or sell offer, that identifier must not be re-used for another buy or sell offer. There is no obligation for the operator to assign an identifier that is globally unique. That is, a trading platform operator may use the same numbering structure as another operator.

Paragraph 17(2)(b) provides that the unique identifier assigned by the trading platform operator under paragraph 17(2)(a) must always be used by the operator as the identifier for the buy or sell offer. This requires the use of persistent identifiers. Once an operator has assigned a unique identifier to a particular buy or sell offer, the assigned value should persist as the identifier of that offer and be used to reference it in any data records provided to the Bureau.

For example, an offer is published on a trading platform provided by a trading platform operator. The operator is obliged to collect, generate or record category 3 water markets information about the offer, which includes the metadata element WM3-OFID (offer ID). The operator must assign a number or identifier to the offer that is unique within the operator. That is, the identifier must not have been used previously by the operator to identify another offer. In this example, the offer is later updated on the trading platform to reflect an increase in the buy offer price per ML. The operator is obliged to collect, generate or record category 3 water markets information about the updated offer. If the operator considers the updated offer to be a new, separate offer, a new unique identifier must be assigned in WM3-OFID for the second record. If the operator considers the updated offer to be a variation of the original offer, the value assigned in WM3-OFID for the second record must be the identifier already uniquely assigned to the original offer. In this case, the second record would be differentiated from the first with a suitable value in the metadata element WM3‑OFST (offer status), such as 'amended'.

Part 3—Providing water markets information to the Bureau

Division 1—Preliminary

Section 18 – Application of this Part

Part 3 of the Standards applies in relation to water market authorities required by Division 4 of Part 7A of the Water Act to give to the Bureau a copy of category 1 or category 2 water markets information, and to trading platform operators required to give to the Bureau a copy of category 3 water markets information.

The requirement for a person to give water markets information to the Bureau is set out in section 135F of the Water Act.

Regulation 7A.07 of the Water Regulations specifies the classes of persons required to give to the Bureau specified kinds of water markets information.

Division 2—Main requirements

Section 19 – Purpose of this Division

The purpose of Division 2 of Part 3 is to:

• deal with the details for providing water markets information to the Bureau, as required by Division 4 of Part 7A of the Water Act; and
• provide for metadata requirements in respect of such water markets information, and the form and manner in which such water markets information is to be provided to the Bureau.

Section 20 – Form and manner in which copies of water markets information are to be given to the Bureau

Subsection 20(1) provides that a water market authority or trading platform operator required to give a copy of water markets information to the Bureau must provide the copy in the form of a data record that meets the requirements of this section.

The Standards provide in section 4 that a 'data record' means a record of a kind of water markets information made in accordance with a table in Schedule 1, 2 or 3. For example, a subcategory 2a data record about a finalised trade or transfer contains all the information required for the particular trade or transfer described in the metadata elements in the table in clause 1 of Schedule 2.

Subsection 20(2) provides that an authority or operator must make a data record by recording certain water markets information as set out in paragraphs 20(2)(a) to 20(2)(c). The requirement applies for each applicable item of the table in Schedule 1, 2 or 3 relevant to the kind of water markets information.

Paragraph 20(2)(a) provides that the information is the same information the authority or operator collects, generates or records for the item in accordance with section 10.

Paragraph 20(2)(b) provides that the record must contain, for each item, either or both of the metadata element ID and the metadata element name.

Paragraph 20(2)(c) provides that the record must contain the data or associated information (that is, the value itself, as required for the metadata element) in accordance with the data field type and data field pattern for the item.

The metadata element ID and name identify the metadata element to which the value relates. Required data field type and data field pattern are specified in columns 5 and 6 (respectively) in the tables in Schedules 1, 2 and 3. The data field type is either text, numeric or Boolean. The data field pattern sets additional constraints on the nature of the data that can be given for the metadata element.

Subsection 20(3) provides two allowable options in relation to the form in which the data record must be provided to the Bureau, set out in paragraphs 20(3)(a) and 20(3)(b).

In accordance with paragraph 20(3)(a), the data record can be in the form of an allowable schema or template made available by the Bureau, relevant to the water markets information contained in the record. CSV and JSON format schemas are examples of forms made available by the Bureau.

In accordance with paragraph 20(3)(b), the data record can be in a form that enables it to be uploaded or entered by use of a facility made available by the Bureau (e.g. an online form facility made available by the Bureau).

Subsection 20(4) provides that the data record must be provided to the Bureau by the use of SFTP (Secure File Transfer Protocol), an API (Application Programming Interface) or by being uploaded or entered by use of a facility that the Bureau makes available.

This section is subject to requirements in sections 21 and 22 of the Standards.

Section 21 – Form and manner in which copies of corrected water markets information are to be given to the Bureau

This section provides form and manner requirements for giving copies of corrected water markets information to the Bureau. The Standards include these provisions to allow an appropriate process for a water market authority or trading platform operator to indicate that a previously provided data record contains errors and to provide the corrected information. The process is necessary because Bureau data systems will permanently store every record that is provided by an authority or operator in accordance with the Standards. No records will be deleted or overwritten. A record stored in Bureau data systems that contains errors in one or more fields cannot be changed once provided to the Bureau.

This section applies if a water market authority or trading platform operator elects to give updated information as corrected information to the Bureau, having identified that water markets information in a previously provided data record (the first data record) is incorrect. Some water market authorities manage corrections to erroneous information about eligible tradeable water rights on issue or trades or transfers through formal processes that require owners, buyers or sellers to lodge separate applications to enact the correction in a relevant water register. These authorities may not distinguish corrections from other updates and may not choose to identify previously provided records as being erroneous. In such circumstances, the authority would not be electing to give updated information as corrected information.

Subsection 21(2) provides that, in giving a copy of the corrected information, the authority or operator must follow a two-step process set out in paragraphs 21(2)(a) and 21(2)(b).

The first step is to give the Bureau a second data record that is identical in every way to the first data record apart from the value for the applicable metadata element describing the status, which must be given as 'Error-cancel'. The following table lists the applicable metadata elements describing the status for each water markets information category or subcategory.

The second step is to give to the Bureau a third data record that is identical in every way to the first data record apart from the metadata elements that contained the error, which must include the corrected information.

Section 22 – Form and manner in which copies of certain updated subcategory 2a water markets information are to be given to the Bureau

This section applies if a water market authority has given to the Bureau a copy of subcategory 2a water markets information (the first data record) that includes information for the metadata element WM2a-DUOL (duration of lease or temporary transfer), and the lease or temporary transfer ends earlier than the period given in that record. Subcategory 2a water markets information records will only include a value for WM2a‑DUOL if the trade or transfer establishes a lease arrangement or an arrangement providing for a temporary transfer of a permanent eligible tradeable water right.

Subsection 22(2) provides that, in giving a copy of the updated information, the authority must give a second data record to the Bureau that is identical to the first data record apart from the value from the controlled list for the metadata element WM2a-TRST (trade status), which must be given as 'Early end to lease or temporary transfer'.

There is no requirement to adjust the value for WM2a-DUOL to align with the modified lease duration.

Section 23 – Other matters

Controlled lists

Subsection 23(1) provides that the values for the controlled lists referred to in Schedules 1, 2 and 3 are listed in Schedule 5.

Subsection 23(2) provides that two requirements apply if a controlled list is specified as the data field pattern in column 6 of an item in Schedule 1, 2 or 3 for a metadata element. The first requirement in paragraph 23(2)(a) is that a value from the controlled list must be recorded for the item. The second requirement in paragraph 23(2)(b) applies if the controlled list is 'trade type' and there is an applicable value specific to a State as well as at least one other applicable value. In that case, the value applicable to the State must be recorded for the item.

Any

Subsection 23(3) provides that, if the data field pattern in column 6 of an item in Schedule 1, 2 or 3 for the metadata element specified in the item is given as 'any', the water markets information for the item may be recorded using any combination of letters, numbers, characters and spaces.

Examples

Subsection 23(4) provides that Schedule 6 includes examples for the recording of information for metadata elements in a data record.

Schedule 1—Category 1 water markets information

Clause 1 – Requirements for collecting, generating or recording category 1 water markets information

This clause specifies the category 1 water markets information a water market authority is required to collect, generate or record about a permanent eligible water right on issue with the authority.

The table in clause 1 sets out the requirements in 16 items.

Each item specifies details relating to a metadata element. Columns 1 and 2 of the table set out the unique metadata element identifier and the metadata element name, respectively. Column 3 sets out a description of the metadata element. Column 4 sets out the requirement condition, which specifies whether the metadata element is:

• always required; or
• required if specified conditions are met.

Column 5 sets out the data field type, which is either text or numeric. The data field pattern, set out in column 6, specifies any additional constraints on the nature of the data that can be given for the metadata element. For example, the metadata element WM1-EOAC (ETWR owner ACN, ARBN or ABN) in item 15 of the table has a data field type of 'text' and a data field pattern of '9 or 11 digit number, which can include spaces between number blocks'.

Schedule 2—Category 2 water markets information

Clause 1 – Requirements for collecting, generating or recording subcategory 2a water markets information—finalised trades or transfers (other than component trades or transfers)

This clause specifies the subcategory 2a water markets information a water market authority is required to collect, generate or record about a trade or transfer of an eligible tradeable water right that is both:

• an individual trade or transfer of a permanent or temporary eligible tradeable water right that is finalised. The Water Regulations define both permanent eligible tradeable water right and temporary eligible tradeable water right. Division 3 of Part 2 of the Standards identifies individual trades or transfers. Section 4 of the Standards defines finalised in relation to a trade or transfer; and
• not a component trade or transfer. Information about component trades or transfers is collected, generated or recorded as subcategory 2b water markets information (see clause 2 of this Schedule).

The table in clause 1 sets out the requirements in 49 items. Each item specifies details relating to a metadata element. Columns 1 and 2 of the table set out the unique metadata element identifier and the metadata element name, respectively. Column 3 sets out a description of the metadata element. Column 4 sets out the requirement condition, which specifies whether the metadata element is:

• always required; or
• required (or not required, as the case may be) if specified conditions are met.

The effect of the requirement conditions is that only a subset of items are required to be collected, generated or recorded in a given data record, relevant to the trade or transfer scenario. The requirement conditions include:

• characteristics of the trade or transfer or the eligible tradeable water right (e.g. the metadata elements in items 17, 19 and 20 are required if the eligible tradeable water right is a permanent eligible tradeable water right);
• the information in other items or data records (e.g. the metadata element in item 29 is required only if the reason for trade given for the metadata element in item 7 is 'other');
• characteristics of the water market authority (e.g. the metadata element in item 23 is required if the water market authority is a Basin State water market authority); and
• the involvement of an intermediary or representative in the trade or transfer (e.g. the metadata elements in items 42, 43 and 44 are required if an eligible water markets intermediary facilitates the trade or transfer on behalf of the buyer of the eligible tradeable water right).

Column 5 sets out the data field type, which is either text, numeric or Boolean. The data field pattern, set out in column 6, specifies any additional constraints on the nature of the data that can be given for the metadata element. For example, the metadata element WM2a‑QUTR (quantity traded) in item 4 of the table has a data field type of 'numeric' and a data field pattern of 'must be greater than or equal to zero. Up to 3 digits after the decimal place'.

Clause 2 – Requirements for collecting, generating or recording subcategory 2b water markets information—finalised component trades or transfers

This clause specifies the subcategory 2b water markets information an IIO water market authority is required to collect, generate or record about a component trade or transfer of an eligible tradeable water right that is both;

• an individual trade or transfer of a permanent or temporary eligible tradeable water right that is finalised. The Water Regulations define both permanent eligible tradeable water right and temporary eligible tradeable water right. Division 3 of Part 2 of the Standards identifies individual trades or transfers. Section 4 of the Standards defines 'finalised' in relation to a trade or transfer; and
• batched by the IIO water market authority into a batched transaction.

The table in clause 2 sets out the requirements in 8 items.

Each item specifies details relating to a metadata element. Columns 1 and 2 of the table set out the unique metadata element identifier and the metadata element name, respectively. Column 3 sets out a description of the metadata element. Column 4 sets out the requirement condition, which specifies whether the metadata element is:

• always required; or
• required if specified conditions are met.

Column 5 sets out the data field type, which is either text or numeric. The data field pattern, set out in column 6, specifies any additional constraints on the nature of the data that can be given for the metadata element. For example, the metadata element WM2b-QUTR (quantity traded) in item 3 of the table has a data field type of 'numeric' and a data field pattern of 'must be greater than or equal to zero. Up to 3 digits after the decimal place'.

Clause 3 – Requirements for collecting, generating or recording subcategory 2c water markets information—lodged trade applications

This clause specifies the subcategory 2c water markets information a Basin State water market authority is required to collect, generate or record about a trade or transfer of an eligible tradeable water right:

• that is an individual trade or transfer of a water access entitlement. Division 3 of Part 2 of the Standards identifies individual trades or transfers. Section 4 of the Water Act defines a water access entitlement; and
• in respect of which a trade application is lodged with, or notified to, the authority. The application must meet all the requirements for the authority to be able to assess the application prior to registration (whether or not the assessment is for the purpose of approving the application or, if approval is not required before registration, of registering the application).

The table in clause 3 sets out the requirements in 18 items.

Each item specifies details relating to a metadata element. Columns 1 and 2 of the table set out the unique metadata element identifier and the metadata element name, respectively. Column 3 sets out a description of the metadata element. Column 4 sets out the requirement condition, which specifies whether the metadata element is:

• always required; or
• required if specified conditions are met.

Column 5 sets out the data field type, which is either text or numeric. The data field pattern, set out in column 6, specifies any additional constraints on the nature of the data that can be given for the metadata element. For example, the metadata element WM2c-DLWA (date trade application lodged at water market authority) in item 13 of the table has a data field type of 'text' and a data field pattern of 'YYYY-MM-DD'.

Schedule 3—Category 3 water markets information

Clause 1 – Requirements for collecting, generating or recording category 3 water markets information

This clause specifies the category 3 water markets information a trading platform operator is required to collect, generate or record about a buy or sell offer published on a trading platform provided by the operator in respect of a water allocation.

The table in clause 1 sets out the requirements in 21 items.

Each item specifies details relating to a metadata element. Columns 1 and 2 of the table set out the unique metadata element identifier and the metadata element name, respectively. Column 3 sets out a description of the metadata element. Column 4 sets out the requirement condition, which specifies whether the metadata element is:

• always required; or
• required (or not required, as the case may be) if specified conditions are met; or
• optional.

Column 5 sets out the data field type, which is either text, numeric or Boolean. The data field pattern, set out in column 6, specifies any additional constraints on the nature of the data that can be given for the metadata element. For example, the metadata element WM3-OLIN (offer link) in item 5 of the table has a data field type of 'text' and a data field pattern of 'must be a valid URL'.

Schedule 4—Metadata entities and associated metadata elements

Clause 1 – Metadata entities and associated metadata elements

This clause provides a table listing each of the metadata entities specified in paragraphs (a) to (l) of subsection 6(1) of the Standards. For each metadata entity, the table sets out the metadata elements that describe the metadata entity and the category or subcategory of water markets information to which each metadata element belongs.

Clause 2 – Entity relationship diagram

This clause provides a simplified entity relationship diagram showing the conceptual relationship between the metadata entities.

Both the table of metadata entities and associated metadata elements, and the entity relationship diagram are included in the Standards as guidance and do not form part of the requirements. They are provided to assist water market authorities and trading platform operators in understanding the nature of, and relationships between, the metadata elements in Schedules 1, 2 and 3. This information may also assist data consumers to interpret water markets information and make correct use of it for their purposes.

Schedule 5—Controlled lists

This Schedule sets out 12 controlled lists. The lists are relevant to a metadata element required in an item of a table in Schedule 1, 2 or 3 if the specified data field pattern is a controlled list. In such cases, the allowable values for the metadata element are limited to those specified in the relevant controlled list.

Tables in clauses 2 to 13 provide the controlled lists for ETWR type, trade status, reason for trade, reliability or licence class type, resource type, unit of measure, trade type, offer type, offer status, owner type, ETWR status and water markets trading zone, respectively.

Each table specifies the limited set of allowable values for the controlled list (in column 1) and a description of each value (in column 2).

Controlled lists ensure that data records collected, generated or recorded, and provided to the Bureau by water market authorities and trading platform operators contain standardised and consistent values to reference common, defined concepts. This supports recommendation 11 of the Roadmap, that is, that the Bureau should continue to harmonise terminology.

Schedule 6—Examples

Clause 1 – Examples for recording information for metadata elements in data records

The table in this clause provides example values for each metadata element included in the tables in Schedules 1, 2 and 3.

The table includes a range of hypothetical data entry examples applicable for water market authorities and trading platform operators in different Basin States. Column 2 of the table lists the metadata element name, column 1 lists the relevant metadata element ID or IDs, and column 3 provides examples consistent with the relevant data field type or data field pattern for the metadata element. If the data field pattern for a metadata element is a controlled list, the table refers to the applicable clause in Schedule 5 containing the allowable controlled list values.

The information in this Schedule is included in the Standards for guidance only and does not form part of the requirements.

Attachment B

Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

Water Markets Data Standards 2026

The Water Markets Data Standards 2026 (the Standards) are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview of the Legislative Instrument

The Standards are a legislative instrument made by the Director of Meteorology (Director) under subsection 135J(1) of the Water Act 2007 (the Water Act).

The Standards meet the water market reform objective of increasing market transparency by providing for the collection, generation, recording and provision of water markets information, including how those requirements apply to water market authorities and trading platform operators in accordance with Division 4 of Part 7A of the Water Act and supporting regulations.

The provision of this information supports more informed decision-making by regulators and water market participants, and contributes to policy development and planning, allocation and management of water resources in the Murray–Darling Basin.

Human rights implications

The Standards engage:

1.      Article 17 of the International Covenant on Civil and Political Rights (ICCPR) (prohibition on the arbitrary interference with privacy) to the extent that personal information is part of water markets information; and
2.      Articles 11 and 12 of the International Covenant on Economic, Social and Cultural Rights (ICESCR) (right to an adequate standard of living and the right to health, together interpreted to include the 'right to water').

Prohibition on the arbitrary interference with privacy (Article 17 ICCPR)

Article 17 of the ICCPR contains the right to protection from arbitrary or unlawful interference with privacy. The United Nations Human Rights Committee has not defined ‘privacy’, but it is generally understood to comprise freedom from unwanted and unreasonable intrusions into activities that society recognises as falling within the sphere of individual autonomy. The collection and sharing of information (public or otherwise) may be considered to engage the right to privacy.

Part 7A of the Water Act confers functions and powers for the Bureau of Meteorology (Bureau) in relation to water markets information, including obligations to collect, hold, manage, interpret and disseminate such information. The water markets information collection and reporting framework supports improved transparency in water markets.

This instrument relates to water markets information which, in turn, includes personal information within the meaning of the Privacy Act 1988 (Privacy Act). As such, the instrument engages Article 17 of the ICCPR to the extent that personal information forms part of water markets information.

Specifically, this instrument requires the provision to the Bureau of personal information including names and addresses of individuals, and other identifiers such as Australian Company Numbers, Australian Registered Body Numbers and Australian Business Numbers.

Permissible limitations

The right in Article 17 may be subject to permissible limitations, provided those limitations are authorised by law and are not arbitrary. For an interference with the right to privacy to be permissible, the interference must be authorised by law, be for a reason consistent with the provisions, aims and objectives of the ICCPR and be reasonable in the particular circumstances. The United Nations Human Rights Committee has interpreted the requirement of ‘reasonableness’ to imply that any interference with privacy must be proportionate to the end sought and necessary in the circumstances of the case.

The collection, holding, management, interpretation and dissemination of personal information are authorised by Part 7A of the Water Act to the extent that personal information forms part of water markets information.

Publication of personal information

Section 135D of the Water Act permits the Director to publish water markets information, subject to the safeguards in subsection 135D(2). Subsection 135D(2) provides that the Director must not publish water markets information:

• if the Director believes it would not be in the public interest; or
• to the extent that the information identifies a particular individual by means of the individual’s name, address, customer number or account number or other identifier, unless the information is already published or is otherwise publicly available.

Subsection 135D(3) of the Water Act provides that for the purposes of the second limb of the above safeguards, ‘information does not identify a particular individual merely because the individual’s identity can be ascertained from the information, due to the nature or volume of a trade or transfer of an eligible tradeable water right or in other circumstances prescribed by the regulations.’

The collection, use and controlled publication of water markets information under Part 7A of the Water Act, including personal information, is reasonable, necessary and proportionate to achieving the legitimate aim of supporting transparency in Murray–Darling Basin water markets and enabling the Bureau to perform its functions under the Water Act.

Furthermore, subsection 135D(3)(b) allows for additional circumstances to be prescribed by regulations in which information does not identify a particular individual.

Regulations may prescribe additional circumstances in which an individual’s identity may be ascertainable from water markets information without the information being taken to identify that individual, beyond those already specified (such as the nature and volume of a trade or transfer). This does not affect the operation of subsection 135D(2), which restricts the publication of information that identifies a particular individual unless the information is already published or otherwise publicly available.

Authorisation for disclosure of personal information

The Bureau is authorised for the purposes of the Privacy Act to disclose information to the Australian Competition and Consumer Commission (ACCC) and the Inspector-General of Water Compliance (Inspector-General) under section 135P, including information it is prohibited from publishing under section 135D.

Section 135P applies to information obtained in, or in connection with, the performance of the Bureau's functions or the exercise of the Bureau's powers under Part 7A of the Water Act, including personal information within the meaning of the Privacy Act.

Under section 135P, disclosure is permitted if the Bureau reasonably believes that disclosure of the information is reasonably necessary for, or directly related to, the performance of the functions or the exercise of the powers of the ACCC or the Inspector-General under the Water Act.

Generally, personal information collected for one purpose must not be used or disclosed for a secondary purpose without the individual’s consent, unless an exception applies. It is noted that the use and disclosure of personal information under Part 7A of the Water Act engages the exemption in Australian Privacy Principle (APP) 6.2(b), which allows for use and disclosure of personal information where required or authorised by law. This use and disclosure is reasonable, necessary and proportionate to achieving a legitimate aim, paying due regard to the nature of the relevant information and the objectives of the Water Act.

It is standard industry practice to provide the types of personal information contemplated by the Water Act to a water market authority in relation to buying and selling eligible tradeable water rights. This information would be provided to the Bureau and then may be disclosed to the ACCC and the Inspector-General where the Bureau reasonably believes it is necessary for, or directly related to, the performance of their functions or the exercise of their powers under the Water Act, including the enforcement of new obligations to increase integrity, confidence and transparency in Murray–Darling Basin water markets.

In conclusion, for the foregoing reasons, the limitations on the right to privacy are authorised by law, and are reasonable, necessary and proportionate to achieving the legitimate water market reform objectives of the Water Act because the limitations are adapted to increasing transparency in Murray–Darling Basin water markets while restricting the publication of information that identifies individuals except in limited circumstances.

Implementation

In addition to the reasons in law set out above, the following implementation information complements the permissible limitations on the right to privacy.

The Bureau has adopted a 'privacy by design' approach to ingesting and handling water markets information. In particular, the Bureau has developed a water markets information system which:

• ciphers personal information received as part of water markets information in addition to the standard encryption on receipt. The Bureau holds the encryption part of the secret key-pair for this information. Only the ACCC and the Inspector-General will be able to decipher encrypted personal information using their unique decryption part of the key-pair; and
• publishes water markets information on its website in such a way as to avoid including personal information that identifies individuals, consistent with the requirements of section 135D of the Water Act.

There is high public value in the collection of water markets information, which includes personal information, to support the effective and efficient operation of Murray–Darling Basin water markets. The information collected supports informed water regulation, policy, planning and resource allocation in relation to Basin water resources by regulators and governments. The information collected also supports more informed decision making by water market participants.

The Bureau undertook an internal Privacy Impact Assessment (PIA) for implementing Part 7A of the Water Act. The PIA identified measures to mitigate privacy risks associated with the collection, use and disclosure of water markets information. The Bureau has accepted and implemented these measures. The Bureau has implemented a Privacy Collection Statement in relation to water markets information.

The Standards are a disallowable instrument and subject to scrutiny by the Senate Standing Committee for the Scrutiny of Delegated Legislation.

The Bureau considers that any limitation of the right to privacy is reasonable and proportionate to achieving the objectives of the Water Act for the foregoing reasons.

Development of the Standards has been underpinned by extensive consultation, engagement and implementation testing with affected stakeholders including relevant State and Commonwealth agencies. Implementation testing has confirmed that water market authorities and trading platform operators are able to provide the water markets information required under the Standards.

The Bureau intends to develop water markets information publication policies to advise the Director, including any of the Director's delegates, on how to publish water markets information in a manner consistent with the Bureau's obligations under the Water Act, and the Privacy Act.

Right to an adequate standard of living and the right to health (Articles 11 and 12 of the ICESCR)

The Standards engage the right to an adequate standard of living and the right to health in Articles 11 and 12 of the ICESCR. The right to an adequate standard of living is protected in Article 11 of the ICESCR and the right to enjoyment of the highest attainable standard of physical and mental health is protected in Article 12 of the ICESCR. The Committee on Economic, Social and Cultural Rights, established to oversee the implementation of the ICESCR, has interpreted these articles as including a human right to water, which encompasses an entitlement to ‘sufficient, safe, acceptable, physically accessible and affordable water for personal and domestic uses’

The Committee on Economic, Social and Cultural Rights’ definition is relevant to this legislative instrument, because while this legislative instrument does not explicitly relate to the right of a person to enjoy the highest attainable standard of physical and mental health, this legislative instrument supports the provision of water markets information to the public, including water market participants and governments, in a consistent manner across Australia's Murray–Darling Basin. Reducing asymmetries in the availability and timing of water markets information supports the effective operation of water markets and more informed decision‑making, which may contribute to outcomes relevant to population health, including access to water resources.

It is in this context that the Standards support broader water market reform objectives, including improving the availability and use of information relevant to the management of water resources. The Standards may contribute to outcomes relevant to access to water resources, including the promotion of transparency and more informed decision‑making in water markets.

The Committee on Economic, Social and Cultural Rights has noted the importance of ensuring sustainable access to water resources for agriculture to realise the right to adequate food. To ensure that there is sufficient and safe water for present and future generations, depletion of water resources through unsustainable extraction, diversion and damming should be reduced. The Standards may assist market regulators in their performance of market monitoring and enforcement functions by improving timely access to more consistent water markets information. This may in turn support the objective of maintaining sufficient and equitable access to water for current farmers and future generations.

Conclusion

The Standards are compatible with human rights because to the extent that they may limit the human right to privacy, those limitations are reasonable, necessary and proportionate to achieving the water market reform objectives of the Water Act.

The limitation is reasonable because transparent, consistent and timely water markets information supports the effective operation of water markets and more informed decision‑making by regulators, governments and market participants.

The limitation is necessary because collecting and using information about water market participants and their trades or transfers is required for market transparency, market confidence and the effective administration of the Water Act.

The limitation is proportionate because the Bureau's publication of water markets information is constrained by paragraph 135D(2)(b) of the Water Act, which restricts the publication of information that identifies a particular individual unless an exception applies. Nevertheless, publication of water markets information under section 135D may be capable of identifying a particular individual noting that paragraph 135D(3)(a) states that information does not identify an individual merely because the individual's identity can be ascertained from the information, due to the nature or volume of a trade or transfer of an eligible tradeable water right. Additionally, the Bureau has the ability to disclose information, including expressly identifying information, to the regulators provided the requirements of section 135P are satisfied.

In addition, the Standards support the human right to water.

Dr Stuart Minchin

Director of Meteorology

[1] https://www.accc.gov.au/inquiries-and-consultations/finalised-inquiries/murray-darling-basin-water-markets-inquiry-2019-21

[2] https://www.dcceew.gov.au/sites/default/files/documents/water-market-reform-final-roadmap-report.pdf

[3] https://www.bom.gov.au/sites/default/files/2023-12/water-markets-data-standards-consultation-summary-of-findings-july-2023.pdf

[4] https://www.bom.gov.au/water/about/publications/document/Water_Markets_Data_Standards_Project_-_Overview_of_stakeholder_engagement_and_feedback.pdf

[5] https://www.bom.gov.au/sites/default/files/2026-02/water-markets-data-standards-exposure-feedback-summary-02-2026.pdf

[6] https://oia.pmc.gov.au/published-impact-analyses-and-reports/certification-independent-review-water-market-roadmap