Water Markets Intermediaries Code – NOW IN EFFECT!

The mandatory Water Markets Intermediaries Code is now in full effect. Water brokers and other intermediaries dealing with Murray–Darling Basin water rights on behalf of clients should be complying.

Application of the code has been phased. Some obligations came into effect on 1 July 2025, the remaining obligations came into effect on 1 October 2025.

The obligations in effect from 1 October include:

• providing information to clients about services and obligations
• obtaining written authorities to submit trades and act as an agent
• maintaining broking water accounts
• maintaining client ledgers for broking water accounts and trust accounts
• having the required professional indemnity insurance
• dealing with complaints
• keeping certain records for 6 years.

Complementary trust accounting requirements that commenced on 1 July 2025, including for the handling of client monies, are set out in Part 5, Division 5 of the Water Act 2007 (Cth).

The ACCC is responsible for enforcing the Code and the trust accounting requirements. Civil penalties may apply for non-compliance.

What you need to do:

Intermediaries should review the new laws to make sure they are compliant. Find guidance about the Water Markets Intermediaries Code on the ACCC website.

To make a report to the ACCC:

You can make a report about a potential contravention via:

• Report an issue affecting your business or franchise to the ACCC Infocentre
• email watercode@accc.gov.au

This article appears as part of the 10 October 2025 issue of Guacamole, AAL’s enewsletter.

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