"We don't need inquiries and reports, we need action. We need law changes."
That's Member for Murray Helen Dalton's call for action following the release of the ACCC's interim report into the Murray-Darling Basin's water markets.
The ACCC released its report on Thursday following several meetings hearing from irrigators including those in Griffith.
"The ACCC report was scathing about the government's lack of transparency and oversight on water trading," Mrs Dalton said.
"The secrecy makes it easy for speculators to corrupt the market and makes millions off drought-stricken farmers."
Mrs Dalton said all of this well known in the Murray electorate.
"By my count, this is the 118th report into water over the past eight years," she said.
Mrs Dalton said her water registry bill currently before the state parliament wouldn't address all the concerns highlighted by the ACCC.
"But it's a start," she said.
"On Thursday, NSW Parliament debated my proposed law changes - changing the application process for water licences, and creating a searchable water register. The NSW Government fiercely opposed my bill."
The NSW Irrigators Council CEO Claire Miller said report emphasised what many farmers already knew, that "the market is poorly regulated and governed".
"We need to see decisive and comprehensive changes to urgently fix the flaws in Murray-Darling Basin water markets," Ms Miller said.
"Irrigators and other water users need well-functioning and transparent markets, with clear rules and proper governance to support the people using water to grow food and fibre.
"The report also cites a disconnect between the trading rules and a living river system. This system is under pressure to meet the change in location, volume and timing of demand downstream over the last decade."
While the NSW Irrigators Council supports water trading, Ms Miller said the benefits of trading hadn't been shared universally or equitably.
"Any changes must consider potential third-party implications to avoid adverse impacts, owing to the complexity of the markets," Ms Miller said.
"Farmers need water markets they can trust, that are fair and open, and that are effective in sustainably and productively allocating water."
Meanwhile, the Murray Darling Basin Authority welcomed the report's release.
"This inquiry is the first of its kind in the Murray-Darling Basin, and the ACCC's interim findings deserve the full and considered attention of water managers, market regulators and participants in water trade more generally," Basin Plan regulation executive director Tim Goodes said.
"The water market in the Basin is worth $1.5 billion and over the past 10 years it has become an incredibly important way for farm enterprises to manage their business.
"As trade activity grows, we need to ensure market processes within and across state jurisdictions are transparent and open, as required by the Basin Plan.
"The MDBA doesn't run the market or manage the market but, as regulator of the Basin Plan water trading rules, we welcome moves to build robust processes that can support a strong and transparent water market."