Governing water markets: Achievements, limitations and the need for regulatory reform

dc.contributor.authorHolley, Cameron
dc.contributor.authorSinclair, Darren
dc.date.accessioned2021-03-03T00:46:41Z
dc.date.issued2016
dc.date.updated2020-11-15T07:24:32Z
dc.description.abstractAfter 20 years of water reform in Australia, the clear policy "winner" has been the cap and trade market-based instrument. Although widely promoted as an efficient tool for managing water, little critical attention has been directed to the legal and governance issues of water markets, including matters such as compliance and enforcement, water accounting, and the overall effectiveness of water trading. In response to these gaps, this article critically evaluates Australia's cap and trade instrument, drawing on a review of the literature and new survey and interview data collected in New South Wales, Victoria and Queensland from government and non-government stakeholders. The findings reveal achievements, including: flexible responses to past and future droughts; efficiencies that contribute to economic and environmental benefits; and increasing trade and market functionality. Yet, the results also suggest cap and trade schemes are not functioning at the peak of their powers because of seven key flaws, namely: a lack of robust regulatory underpinning; limited accuracy in water accounting; challenges in addressing universality of impact and source; queries over environmental benefits; lack of accounting for wider social impacts; windfall gains; and limited operation across Australia. Some of these flaws are correctable, and the article pinpoints relevant areas for market policy reform. However, a number of the identified flaws require water law and policy to look beyond markets. The article argues that, in these areas, such as groundwater, complementary regulatory tools are needed to ensure Australia's future water security and sustainability.en_AU
dc.description.sponsorshipThe research was partially funded by an Australian Research Council Discovery Early Career Researcher Award (DE140101216) and an ARC Linkage Grant (LP130100967).en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0813-300Xen_AU
dc.identifier.urihttp://hdl.handle.net/1885/225030
dc.language.isoen_AUen_AU
dc.publisherThe Law Book Companyen_AU
dc.relationhttp://purl.org/au-research/grants/arc/DE140101216en_AU
dc.relationhttp://purl.org/au-research/grants/arc/LP130100967en_AU
dc.rights© 2016 The Law Book Companyen_AU
dc.sourceEnvironmental and Planning Law Journalen_AU
dc.titleGoverning water markets: Achievements, limitations and the need for regulatory reformen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue4en_AU
local.bibliographicCitation.lastpage324en_AU
local.bibliographicCitation.startpage301en_AU
local.contributor.affiliationHolley, Cameron, University of NSWen_AU
local.contributor.affiliationSinclair, Darren L, College of Science, ANUen_AU
local.contributor.authoremailrepository.admin@anu.edu.auen_AU
local.contributor.authoruidSinclair, Darren L, u9614809en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor180111 - Environmental and Natural Resources Lawen_AU
local.identifier.absfor160507 - Environment Policyen_AU
local.identifier.absseo960700 - ENVIRONMENTAL POLICY, LEGISLATION AND STANDARDSen_AU
local.identifier.ariespublicationu4860843xPUB357en_AU
local.identifier.citationvolume33en_AU
local.identifier.uidSubmittedByu4860843en_AU
local.publisher.urlhttp://www.thomsonreuters.com.au/catalogue/ProductDetails.asp?ID=886en_AU
local.type.statusPublished Versionen_AU

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