Federal Government announces national water market study ...

From ABC News -

The Federal Government has moved to stem criticism over delays in implementing the National Water Initiative, announcing details of a study into a nationwide water market.

Treasurer Peter Costello wants the Productivity Commission to look at how water trading may occur between states and catchments.

He says the commission will also investigate how a water market could create more investment in rural water use, to cut wastage and improve water delivery to farms.

The trading system was a key plank of the National Water Initiative, which creates clear property rights for farmers, while allocating water to the environment.

The commission will report to Government within six months.

See - Study to assess national water market

Also see - NWC press release - Water trading vital to national water reform.