Water Amendment (Restoring Our Rivers) Act 2023 (No. 111 of 2023).

This Act makes provision with respect to the management and conservation of water resources of the Murray-Darling Basin (MDB) and in particular seeks to re-balance consumptive waters uses and needs of the environment, the latter being under stress because of, among other things, pollution, drought and climate change effects. The Act’s objects include protecting the MDB’s ecological values and ecosystem services, ensuring the return to environmentally sustainable levels of water extraction (Sustainable Diversion Limits) and, subject to these two objects, maximising the net economic returns from the use of the MDB’s resources. The Act also regulates trading in water rights (among other things prohibiting insider trading) and provides for protecting rights of indigenous peoples.
The Act, amends the Water Act 2007 to, among other things: allow funds allocation of the Water for the Environment Special Account to include water access rights purchases for the purpose of increasing environmental water volumes and to enable payments to address any detrimental social or economic impact in MDB communities associated with purchases or efficiency projects; provide for a Water Markets Intermediaries Code to regulate the conduct of eligible water markets intermediaries towards participants and potential participants in the water market; provide for taking into account matters relevant to Indigenous peoples in the MDB planning. The Act also makes amendments to the Basin Plan 2012 and consequential amendments to other Acts.
The Water Act 2007 is also amended by inserting provisions to ensure that the use and management of Basin water resources takes into account spiritual, cultural, environmental, social and economic matters relevant to Indigenous people, including in relation to their knowledge, values, uses, traditions and customs. In reviewing the Basin Plan under section 50, the Murray–Darling Basin Authority (Authority) must consider the various matters and report on them in the report relevant to Indigenous people in relation to the management of Basin water resources and management of climate change risks.
A new provision (85 AC) requires the Minister to take all reasonable steps to increase the volume of the Basin water resources water for environmental use by 2027. The purchase cap of Division 5 of part 2 is withdrawn. The Commonwealth may request that a Basin State provide information to the Commonwealth about water access entitlements (new section 77A). The Secretary must prepare an annual report on the activities regarding: progress towards increasing the volume of the Basin water resources that is available for environmental, the Commonwealth’s water recovery target in relation to SDL resource units (as defined in the Basin Plan); (c) projects that relate to adjustments of long-term average sustainable diversion limits; (d) any other matter specified by the Minister in writing. Based on information of the Authority, the Secretary must report about activities relating to Indigenous people. The Act makes new provision for Indigenous members of the Authority and requires identification of opportunities under this Act to promote the principles set out in the United Nations Declaration on the Rights of Indigenous Peoples.