Phillips Fox and the Queensland University of Technology (QUT) have joined forces to develop the principles for a national water trading scheme through the Phillips Fox/QUT Collaborative Water Project — an unparalleled combination of academic, legal, scientific and commercial expertise. The project will involve research and consultation with state agencies, farmers’ groups, environmental groups and other water users.

It will identify current practices, administrative arrangements and the key requirements for a national water trading system and produce a report defining water access entitlements and the legal structures necessary to facilitate a national market for trading those entitlements. Recommendations will be made to the Commonwealth and state governments regarding implementation of the system.

QUT and Phillips Fox hosted a National Water Initiative Forum in Canberra earlier this week to bring to the fore the relevant issues to be addressed by the proposed regime.

A proposal to establish a national water trading system will be debated at a national water forum this month in a bid to help Australia make its most precious natural resource last.