Code of conduct for water traders, more published data recommended by water market reform committee

The advice calls for further details about water trade deals to be published including reasons for the trade as well as 'strike-date' details.

Legislation to ban insider trading and market manipulation is recommended as is a mandatory code of conduct for water traders and a water market education program to ensure users are more 'confident and willing' in participate is another idea

Federal water minister Keith Pitt said hailed the advice as a step towards developing "practical solutions".

"A mandatory code of conduct for water market participants, measures to improve transparency of water market information, and changes to ensure a level playing field for all entitlement holders are some of the recommendations presented within the initial advice," Mr Pitt said.

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"Importantly, there's a commitment to improve regulation to better protect against potential market manipulation and maintain confidence in the system.

"This is an important step in delivering water markets that operate more effectively and efficiently and don't burden users with unnecessary costs."

The advice had been developed by a handpicked committee led by former agricultural department secretary Daryl Quinlivan. Mr Quinlivan has been tasked with developing a roadmap for change which is supported by all Basin states.

Member for Murray Helen Dalton said the advice given including what she had been talking about and calling for years.

"We definitely need a mandatory code of conduct for water brokers, to repeal all grandfathered tag entitlements and to have clear federal laws that ban insider trading and market manipulation," Mrs Dalton said.

"However, we have seen 'in-principle agreements' and 'road maps' for many years.

"What we need are law changes immediately."

In 2020, Mrs Dalton presented a petition for a public water register bill which was eventually voted down in state parliament.

She's also called for the government to simply adopt the recommendations the ACCC had made in its report into water markets.

"The NSW Government voted down my bill to publicly list all water owners in state - so they don't seem genuine about improving water market transparency," Mrs Dalton said.

"I am preparing a bill that seeks to implement a number of the ACCC recommendations, let's see if the NSW Government supports it."

Mr Quinlivan's committee is set to deliver its roadmap for water market reform in June.

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