The federal budget set aside $3.5 million for the expert panel which Federal Water Minister Keith Pitt said would be tasked with directly responding to the ACCC inquiry.
“In March the Australian Government welcomed the ACCC’s recommendations as an important step in ensuring Murray-Darling Basin water markets can better deliver for water users, rural communities and the environment,” Mr Pitt said.
“The recommendations are wide ranging with around 90 per cent involving coordination with basin states and will require unified action from all levels of governments, which is why we are taking this consultative approach.
“This is an important and detailed report that requires careful and detailed consideration and we owe it to our river communities to take the time to get this right.”
The members of the panel are yet to be announced, but will be tasked with providing a draft roadmap before the end of the year.
The panel will include eminent technical experts with experience in overseeing reform and others with experience in the operation of markets.
The ACCC report recommended the establishment of a new, independent, water marketing agency to oversee water trading in the Murray-Darling Basin.
The creation of the new agency is among 29 recommendations in the final report.