One of Australia's largest irrigation companies says it has "reservations" regarding calls for a new independent agency to govern the Murray-Darling Basin's (MDB) water market.
On March 26, the Australian Competition and Consumer Commission (ACCC) released the findings of it's 18-month long inquiry into water trading in the MDB.
The final report found there was a significant lack of transparency in how water is managed by irrigation companies and made 29 suggestions on how to improve the current system.
One of these suggestions was the creation of an independent Water Markets Agency to govern water trading across the region.
The head of Murrumbidgee Irrigation (MI) says the report was largely in line with the company's submissions but admitted there were some concerns about the call for a new governing agency.
We have some reservations about the introduction of a new independent regulator, which could duplicate the role already played by other regulating bodiesBrett Jones, Murrumbidgee Irrigation CEO
"It's a comprehensive report, which clearly identifies the need for greater market confidence and the value the water market has brought to the economy and irrigated agriculture," CEO Brett Jones said.
"We have some reservations about the introduction of a new independent regulator, which could duplicate the role already played by other regulating bodies."
Mr Jones added that creating the new body would be costly and likely to create "more red tape".
He said there are concerns significant costs would be passed through to irrigators.
The ACCC visited Griffith last week to discuss the report with irrigators and water authorities.
Speaking to The Area News, ACCC deputy chair Mick Keogh said a new agency is necessary in order to keep companies responsible.
"Without a dedicated agency active in the market overseeing trade, making recommendations and pushing for reforms, what we end up with is almost inertia," Mr Keogh said.
"No one is responsible, so no one decides, so therefore nothing gets fixed."
MI says it is too early to determine what impact the report would have on the company.
The company also said its concerns for costs being passed onto irrigators "must be addressed".
The ACCC report is now in the hands of the Federal Government who will decide whether or not to implement the recommendations.
The full report is available on the ACCC website.
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