Issues in defining property rights to improve Australian water markets

This article discusses the key practical issues associated with defining property rights to water use, in the context of broadening the scope of the market for transferable water entitlements. In particular, the third party impacts of water trade and the need for improved water trading rules are discussed. Some of the issues associated with defining the reliability of water rights, including the design of appropriate dam management policies, are also discussed. The article concludes with some positive suggestions for the policy debate.