WATER AMENDMENT (RESTORING OUR RIVERS) BILL 2023

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

Contents

Short title ........................................................................................... 1

Commencement ................................................................................. 1

Schedules ........................................................................................... 3

Schedule 1

Water recovery and Basin Plan Delivery

Part 1

Review dates

Water Act 2007

Part 2

Water for the Environment Special Account

Water Act 2007

Part 3

Purchase cap

Water Act 2007

Part 4

SDL changes and action plans

Division 1

Ensuring that SDL changes pass through to water

resource plans

Water Act 2007

Division 2

Action plans

Water Act 2007

Schedule 2

Amendment of the Basin Plan 2012

Basin Plan 2012

Schedule 3

Water Markets measures

Part 1

Water Markets Intermediaries Code

Water Act 2007

Part 2

Water markets decisions and insider trading

Water Act 2007

Part 3

Market manipulation and additional insider trading

provisions

Water Act 2007

Part 4

Data and Systems Measures

Water Act 2007

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

Schedule 4

Amendment of the Basin Plan 2012 relating to

various water markets measures

Part 1

Amendments relating to tagged water entitlements

Basin Plan 2012

Part 2

Amendments relating to water markets information

Basin Plan 2012

Part 3

Amendments of the Basin Plan 2012 relating to water

announcements and insider trading

Basin Plan 2012

Schedule 5

--Technical amendments relating to First Ministers'

Council

Water Act 2007

Schedule 6

Consequential amendments

Part 1

Consequential amendments relating to the Water

Markets Intermediaries Code

Competition and Consumer Act 2010

Water Act 2007

Part 2

Consequential amendments relating to water

announcements and insider trading

Competition and Consumer Act 2010

Water Act 2007

Part 3

Consequential amendments relating to water markets

information

Water Act 2007

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

A Bill for an Act to amend the

Water Act 2007

, and

for related purposes

The Parliament of Australia enacts:

1 Short title

This Act is the

Water Amendment (Restoring Our Rivers) Act

2023

2 Commencement

(1) Each provision of this Act specified in column 1 of the table

commences, or is taken to have commenced, in accordance with

column 2 of the table. Any other statement in column 2 has effect

according to its terms.

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1. Sections 1 to 3

and anything in

this Act not

elsewhere covered

by this table

The day this Act receives the Royal

Assent.

2. Schedule 1

The day after this Act receives the Royal

Assent.

3. Schedule 2

The day after this Act receives the Royal

Assent.

4. Schedule 3,

Part 1

A day to be fixed by Proclamation.

However, if the provisions do not

commence before 1 July 2025, they

commence on that day.

5. Schedule 3,

Part 2

A day to be fixed by Proclamation.

However, if the provisions do not

commence before 1 July 2026, they

commence on that day.

6. Schedule 3,

Part 3

A day to be fixed by Proclamation.

A Proclamation must not specify a day

that occurs before the commencement of

the provisions covered by table item 5.

However, if the provisions do not

commence before 1 July 2026, they

commence on that day.

If the provisions covered by table item 5

commence on the same day as the

provisions covered by this table item, the

provisions covered by this table item

commence immediately after the

commencement of the provisions

covered by table item 5.

7. Schedule 3,

Part 4

1 July 2024.

8. Schedule 4,

Part 1

1 July 2024.

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

9. Schedule 4,

Part 2

1 July 2024.

10. Schedule 4,

Part 3

At the same time as the provisions

covered by table item 5.

11. Schedule 5

The day after this Act receives the Royal

Assent.

12. Schedule 6,

Part 1

At the same time as the provisions

covered by table item 4.

13. Schedule 6,

Part 2

At the same time as the provisions

covered by table item 5.

14. Schedule 6,

Part 3

1 July 2024.

Note:

This table relates only to the provisions of this Act as originally

enacted. It will not be amended to deal with any later amendments of

this Act.

(2) Any information in column 3 of the table is not part of this Act.

Information may be inserted in this column, or information in it

may be edited, in any published version of this Act.

3 Schedules

Legislation that is specified in a Schedule to this Act is amended or

repealed as set out in the applicable items in the Schedule

concerned, and any other item in a Schedule to this Act has effect

according to its terms.

Note:

The provisions of the

Basin Plan 2012

amended or inserted by this

Act, and any other provisions of that instrument,

may be amended or

repealed by a legislative instrument prepared and adopted under

Division 1 of Part 2 of the

Water Act 2007

: see subsection 13(5) of the

Legislation Act 2003

Water recovery and Basin Plan Delivery

Schedule 1

Water for the Environment Special Account

Part 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

Part

2--Water for the Environment Special Account

Water Act 2007

2 Paragraph 86AD(2)(a)

Omit "further the object of this Part by", substitute "contribute to the

integrated management of the Basin water resources in a way that

promotes the objects of this Act and has a substantial aim of furthering

the object of this Part, for example by".

3 Paragraph 86AD(2)(b)

Omit "furthering the object of

this Part",

substitute

"increasing the

volume of the Basin water resources that is available for environmental

use by 450 gigalitres".

4 Paragraph 86AD(2)(c)

Repeal the paragraph, substitute:

or economic impact on the wellbeing of any community in

the Murray-Darling Basin that is associated with a project or

purchase referred to in paragraph (a) or (b) so as to offset any

such impact;

5 Subsection 86AD(2) (notes 1 and 2)

Repeal the notes.

6 After subsection 86AD(2)

Insert:

(2A) To avoid doubt, a project mentioned in subsection (2) may

contribute to the integrated management of the Basin water

resources in a way that promotes the objects of this Act, and has a

substantial aim of furthering the object of this Part, whether the

project satisfies both, or only one of, paragraphs 86AA(3)(a) and

(b).

Schedule 1

Water recovery and Basin Plan Delivery

Part 2

Water for the Environment Special Account

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

7 Subsection 86AD(4) (including the note)

Repeal the subsection.

8 After subsection 86AG

Insert:

86AH Managing surplus money in the Water for the Environment

Special Account

transfer to general CRF

(1) After the end of 31 December 2027, the Minister may, by

notifiable instrument, give a direction that a specified amount is to

be debited from the Water for the Environment Special Account on

a specified day.

(2) The specified day must not be earlier than the commencement of

the direction under subsection (1).

(3) The Minister must not give a direction under subsection (1) that

specifies a day unless:

(a) the Minister has estimated that the balance of the Water for

the Environment Special Account as at the end of that day is

likely to include a surplus amount; and

(b) the amount specified in the direction is equal to, or less than,

the surplus amount.

(4) For the purposes of paragraph (3)(a), an amount is a

surplus

amount

if:

(a) it is an amount that does not exceed the amount that stood to

the credit of the Water for the Environment Special Account

as at the end of the specified day; and

(b) it is an amount that is not required for the purposes of

meeting obligations or commitments entered into, or arising,

on or before the specified day.

(5) The Minister may give more than one direction under

subsection (1), provided that the requirements of this section are

satisfied in relation to each direction.

9 After section 86AD

Insert:

Water recovery and Basin Plan Delivery

Schedule 1

Water for the Environment Special Account

Part 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

86ADA Relationship with the

Financial Framework (Supplementary

Powers) Act 1997

To avoid doubt, the power of the Commonwealth to make, vary or

administer a payment, arrangement or grant under this Part must be

disregarded for the purpose of paragraph 32B(1)(a) of the

Financial Framework (Supplementary Powers) Act 1997

Note:

The effect of this section is to make clear that this Part does not

effectively limit the operation of section 32B of the

Financial

Framework (Supplementary Powers) Act 1997

. The Commonwealth

has the power to make, vary or administer an arrangement or grant

under that section whether the Commonwealth also has the power to

do so under this Part.

10 Subsection 86AJ(1)

Omit "2

independent

", substitute "3

independent

11 Subsection 86AJ(1)

Omit "

30 June

2024", substitute "

31 December 2027

12 After subsection 86AJ(6)

Insert:

(6A) The report of the third review must be provided to the Minister by

30 September 2025.

13 At the end of subsection 86AJ(8)

Add:

; (c) for the third review

the time the Treasurer presents the

budget to the Parliament for the 2026-2027 financial year.

Water recovery and Basin Plan Delivery

Schedule 1

SDL changes and action plans

Part 4

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

Part

4--SDL changes and action plans

Division 1

Ensuring that SDL changes pass through to

water resource plans

Water Act 2007

15 At the end of section 23B

Add:

(8) If the long-term average sustainable diversion limit for an SDL

resource unit is amended by a provision of Schedule 2 to the

Water

Amendment (Restoring Our Rivers) Act 2023

the amendment is

taken, for the purposes of this Act and the Basin Plan, to be as a

result of an amendment under this section.

Division 2

Action plans

Water Act 2007

16 Paragraph 71(1)(h)

Omit "the actions", substitute "a proposed set of actions (an

action

plan

)".

17 At the end of subsection 71(1)

Add:

; (i) details of progress during the water accounting period in

taking the proposed set of actions specified in an action plan

under paragraph (h) relating to the water accounting period.

18 After subsection 71(1)

Insert:

(1A) The Basin Plan may specify the requirements for an action plan

under paragraph (1)(h), and an action plan must be in accordance

with the specified requirements.

Schedule 1

Water recovery and Basin Plan Delivery

Part 4

SDL changes and action plans

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

(1B) The Basin Plan may specify the details that must be provided under

paragraph (1)(i) in relation to progress during a water accounting

period in taking the proposed set of actions in an action plan, and

details in the report must be in accordance with the requirements

specified in the Basin Plan.

19 After subsection 75(1)

Insert:

(1AA) For the purposes of subsection (1), the Basin Plan may specify the

amounts in relation to:

(a) cumulative reductions (which may include a reduction that is

taken to have occurred under subsection 78(3) from the

amount specified for the purposes of subsection 78(2)); or

(b) reductions resulting from changes to the SDL from time to

time.

20 After section 77

Insert:

77A Commonwealth may request information for the purposes of

this Division

The Commonwealth may request that a Basin State provide

information to the Commonwealth for the purposes of this

Division, including, but not limited to, information about:

(a) the particulars and history of a water access entitlement;

(b) decisions about how the Basin States are making changes to

water access entitlements, including in relation to the date of

effect of changes, the manner in which changes come into

operation and how certainty is achieved in relation to these

matters;

access entitlement holders.

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

Schedule

2--Amendment of the Basin Plan

2012

Basin Plan 2012

1 Division 1 of Part 4 of Chapter 6 (heading)

Repeal the heading, substitute:

Division

1--Preliminary

2 After section 6.08

Insert:

6.08A Content of action plan

(1) This section applies in relation to an action plan for the purposes of

the following provisions:

(a) subsection 71(1A) of the Act;

(b) subsection 6.12(5);

(2) The Inspector-General may publish guidelines in relation to the

action plans, and the Basin States must have regard to the

guidelines in preparing action plans.

Amendment or replacement of action plan

(3) An amendment or replacement of an action plan must explain the

reasons for the amendment or replacement.

6.08B Reporting on action plan under the Basin Plan

After the end of a water accounting period, a Basin State must, at

the same time as it provides the Authority with a report under

section 71 in relation to the period, provide the Authority and the

Inspector-General with a report that includes details of progress

during the period in taking the proposed set of actions specified in

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

an action plan provided by the Basin State as required by

subsection 6.12(5) or 6.12C(5).

6.08C Content of report

(1) This section applies in relation to a report on the progress of an

action plan for the purposes of:

(a) subsection 71(1B) of the Act; or

(b) section 6.08B.

(2) The Inspector-General may publish guidelines in relation to the

reports, and the Basin States must have regard to the guidelines in

preparing the reports.

3 Subsection 6.12(1)

Omit "unitin", substitute "unit in".

4 Subsection 6.12(3)

Repeal the subsection, substitute:

(3) A Basin State may not rely on a claim that there is a reasonable

excuse for an excess unless:

(a) it has provided a report to the Authority and to the

Inspector-General setting out the reasons for the excess, with

evidence for the claim; and

(b) the Inspector-General is satisfied that the Basin State has a

reasonable excuse as claimed.

Note 1:

If the Inspector-General is not satisfied that there is a reasonable

excuse, there will be non-compliance on the part of the Basin State

requiring an action plan under subsection 71(1A) of the Act.

Note 2:

It is open to the Inspector-General to consult with the Authority and

other bodies as appropriate.

5 Subsection 6.12(5)

Omit "the steps", substitute "a proposed set of actions (an

action plan

)

that".

6 Subsection 6.12C(3)

Repeal the subsection, substitute:

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

(3) A Basin State may not rely on a claim that there is a reasonable

excuse for an excess unless:

(a) it has provided a report to the Authority and to the

Inspector-General setting out the reasons for the excess, with

evidence for the claim; and

(b) the Inspector-General is satisfied that the Basin State has a

reasonable excuse as claimed.

Note 1:

If the Inspector-General is not satisfied that there is a reasonable

excuse, there will be non-compliance on the part of the Basin State

requiring an action plan under subsection 71(1A) of the Act.

Note 2:

It is open to the Inspector-General to consult with the Authority and

other bodies as appropriate.

7 Subsection 6.12C(5)

Omit "the steps", substitute "a proposed set of actions (an

action plan

)

that".

8 After section 6.13 (heading)

Insert:

Note:

If the SDL for an SDL resource unit is reduced, section 75 of the Act

requires the Basin Plan to specify the reduction, and the proportions of

the reduction attributable to various categories.

Section 78 of the Act required the original Basin Plan to specify the

limits that applied, immediately before the SDLs imposed by the

Basin Plan took effect, to the long-term average amount of water that

could be taken for each SDL resource unit under the applicable

transitional or interim water resource plans. This is done in

subsection (2) below, and the specified limit is used as the baseline

from which the reductions are measured.

9 After subsection 6.13(2)

Insert:

(2A) For subsection 75(1) of the Act, the reduction is any reduction in

the SDL for a SDL resource unit, compared with the limit specified

for subsection (2), that results from the application of the SDL set

by the Basin Plan from time to time.

10 Subsection 6.13(6) (note)

Repeal the note.

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

11 Chapter 7 (note to heading)

Repeal the

paragraph beginning "Under

Part 2

", subs

titute:

Under Part 2, the Authority can propose adjustments to surface water

SDLs to take account of:

(a) supply measures and efficiency measures that are notified by a

process set out in section 7.12 and will come into operation by

31 December 2026; and

(b) additional HEW entitlements that are acquired from time to time

and specified by the Minister under section 7.08B.

12 Chapter 7 (note to heading)

Repeal the last paragraph, insert:

'additional HEW entitlement' is a water access entitlement that

was previously used for consumptive purposes, but will now be used

for environmental purposes. An adjustment made because of an

additional HEW entitlement will decrease the SDL (increase the

reduction amount).

13 After paragraph 7.01(2)(a)

Insert:

; (b) new acquisitions of held environmental water that was

previously used for consumptive purposes (Part 2); or

14 Section 7.02 (paragraph (c) of the definition of

additional

efficiency entitlement

)

After "is acquired", insert "before

1 January

2027".

15 Section 7.02 (definition of

additional efficiency measure

)

Omit "a measure", substitute "an efficiency measure".

16 Section 7.02

Insert:

additional HEW contribution

has the meaning given by Division 4

of Part 2 (in particular section 7.16A).

additional HEW entitlement

means a water access entitlement

specified by the Minister under section 7.08B to be an additional

HEW entitlement.

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

17 Section 7.02

Insert:

additional supply measure

means a supply measure that has been

notified under subsection 7.12(2A).

18 Section 7.02 (paragraph (c) of the definition of

efficiency

entitlement

)

After

"is acquired", insert "before

1 January

2027".

19 Section 7.02

Insert:

varying HEW contribution

has the meaning given by section 7.21.

20 Subsection 7.08(3)

Repeal the subsection.

21 After section 7.08

Insert:

7.08A Constraints relaxation implementation roadmap

(1) The object of this section is to assist the Commonwealth and Basin

States to identify measures to relax constraints, and develop and

implement them in a way that:

(a) maximises the benefits of the constraint measures to deliver

environmental outcomes, including but not limited to

enhanced environmental outcomes and outcomes identified

by the Constraints Management Strategy; and

(b) provides, as far as practicable a common approach across

river systems and jurisdictions including, but not limited to,

in relation to:

(i) reporting, transparency and public accountability; and

(ii) program implementation and governance including

regulatory approvals; and

(iii) supporting the acceleration of constraint measures by

31 December 2026; and

(iv) managing impacts on third parties.

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

(2) The Authority must prepare a roadmap for the purpose of

achieving the object of this section by 31 December 2024.

(3) The roadmap, and any substantive amendments to the roadmap,

must be prepared in consultation with the Basin States, the

Commonwealth and the public.

(4) The Authority must publish the roadmap on its website.

7.08B Minister may specify additional HEW entitlements

(1) The Minister may specify in a written instrument given to the

Authority, in accordance with this section, that a water access

entitlement, for a surface water SDL resource unit, is an additional

HEW entitlement.

Note:

Under subsection 33(3) of the

Acts Interpretation Act 1901

, such a

specification may be revoked, amended or varied in the same way.

(2) The water access entitlement must:

(a) be sourced from the unit; and

(b) be held environmental water; and

have become, or been

contracted to become, held environmental water before that

date; and

(d) not have become held environmental water as a result of

notified efficiency measures or additional efficiency

measures, except as provided in subsection (4).

(3) The Minister must be satisfied that the water access entitlement:

(a) decreases the amount of water taken for consumptive use

relative to the benchmark conditions of development; and

(b) increases the volume of the Basin water resources that is

available for environmental use; and

mentioned in subsection 86AA(1) of the Act, including the

outcomes set out in Schedule 5 of the Basin Plan.

(4) For paragraph (2)(d), the exception is that:

(a) the entitlement is specified after 31 December 2026; and

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

(b) it was not included in the determination for

paragraph 7.21(2)(a) (whether or not it was on the register

mentioned in section 7.13 on 31 December 2026).

(5) If an entitlement specified in reliance on subsection (4) was an

efficiency entitlement or additional efficiency entitlement, it ceases

to be an entitlement of that kind.

22 Part 2 of Chapter 7 (heading)

Omit "

for notified measures

23 Section 7.09

Omit all the words before paragraph (a), substitute:

The objective for this Part is to allow surface water SDLs to be

adjusted to reflect the effects of:

(aa) measures that increase the supply of water or the efficiency

of water use, and are notified under this Part; and

(ab) additional HEW entitlements specified under section 7.08B;

so that:

24 Section 7.09 (note 2)

Repeal the note, substitute:

Note 2:

The Commonwealth's program referred to in

paragraph (e) includes

the program that is expected to spend $1.77 billion by 31 December

2027 under the Water for the Environment Special Account.

25 Section 7.11 (heading)

Omit "

2024

", substitute "

2026

26 Subsection 7.11(1)

Repeal the subsection, substitute:

(1) If it appears to the Authority that a new determination of the

appropriate adjustment amounts, made in accordance with

Division 4, resulting from the effects, as at 31 December 2026, of

the following:

(a) notified measures;

(b) additional supply measures;

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

(d) additional HEW entitlements;

would produce adjusted SDLs for one or more SDL resource units

different from those that resulted from the determination made for

the purpose of section 7.10, the Authority must, by that date:

(e) determine those adjustment amounts for each affected unit;

and

(f) propose accordingly, under section 23A of the Act:

(i) an adjustment of the SDL for each affected unit; and

(ii) an adjustment of the SDL for the Basin water resources

equal to the net effect of the adjustments for all the

affected units.

Note 1:

Since the adjustments to the SDLs proposed under section 7.10 were

made to the Basin Plan, there has been a further set of adjustments

made by the

Water Amendment (Restoring Our Rivers) Act 2023

, as

well as changes to Division 4.

Note 2:

Under section 23B of the Act, the Authority is then required to

prepare appropriate amendments of the Basin Plan, for adoption by

the Minister.

Note 3:

This section might apply if, for example, a notified measure has been

withdrawn or an additional supply or efficiency measure has been

notified, or an additional HEW entitlement has been registered.

27 Subsection 7.12(2)

Omit "

31 December

2023", substitute "

30 June

2025".

28 After subsection 7.12(2)

Insert:

Notification of additional supply measures

(2A) The Basin Officials Committee may, on or before 30 June 2025,

notify the Authority of 1 or more supply measures that, in the view

of the Committee, should be taken into account in proposing

adjustments under section 7.11.

29 Paragraph 7.12(3)(a)

Omit "

30 June

2024", substitute "

31 December

2026".

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

30 Subsections 7.12(5), (6) and (7)

Repeal the subsections, substitute:

(5) A notification must be amended by 30 June 2026 if any

information under subsection (4) has changed.

(6) A notification must be amended by 30 June 2026 to withdraw a

measure if it appears that the measure will not enter into operation

by 31 December 2026.

(7) Subsections (5) and (6) do not apply after 30 June 2026.

31 Section 7.13

Repeal the section, substitute:

7.13 Register of measures

(1) The Authority must maintain a register that includes the following:

(a) each measure of the following kinds, with the information

mentioned in section 7.12:

(i) the notified efficiency measures;

(ii) the notified supply measures;

(iii) the additional efficiency measures;

(iv) the additional supply measures;

(b) for each surface water SDL resource unit

each entitlement

of the following kinds as it applies from time to time:

(i) the efficiency entitlements;

(ii) the additional efficiency entitlements;

(iii) the additional HEW entitlements;

unit

the long-term average quantity of water, in GL per

year, that is available under the entitlements of that kind from

time to time.

(2) Until an adjustment is proposed under section 7.11, the register

must include, for each surface water SDL resource unit, estimates

of the likely:

(a) efficiency contribution; and

(b) supply contribution; and

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

as at 31 December 2026, and

(d) to the extent practicable, the likely SDL adjustment amount

for the unit for the purposes of section 7.21.

(3) The Authority must publish the register on its website.

(4) Subparagraphs (1)(b)(i) and (ii) apply to a water access entitlement

whether it became held environmental water before or after the

relevant measure was notified.

32 Section 7.14

Omit "and additional efficiency measures", substitute ", the additional

efficiency measures, the additional supply measures and the additional

HEW entitlements".

33 Subsection 7.14A(3) (note 1)

Omit "2024", substitute "2026".

34 Subsection 7.15(1)

After "supply measures", insert "or additional supply measures".

35 Subparagraph 7.15(1)(b)(i)

After "supply measures"

insert "and additional supply measures".

36 Subsection 7.15(1) (note)

After "

section 7.12

, insert

The additional supply measures were not

included in this provision at the time adjustments were proposed under

section 7.10.

37 Paragraph 7.15(2)(b)

Repeal the paragraph, substitute:

(b) if the Authority, having consulted the Basin Officials

Committee, decide that another method is preferable

that

method.

38 Subsection 7.16(2) (heading)

Omit "2024", substitute "2026".

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

39 Subsection 7.16(2)

Repeal the subsection, substitute:

(2) For a determination for the purpose of section 7.11, and subject to

this Division, the efficiency contribution of the notified measures

and additional efficiency measures for each affected unit at a

particular time is a decrease in the SDL for the unit equal to the

quantity of water, in GL per year, that is registered as being

available under the efficiency entitlements and additional

efficiency entitlements for the unit.

Note:

Efficiency contributions will end on 31 December 2026. Under

section 7.08B, the Minister may specify efficiency entitlements and

additional efficiency entitlements acquired after 31 December 2026 as

additional HEW entitlements.

40 After section 7.16

Insert:

7.16A Contribution to adjustments from additional HEW

entitlements

(1) For a determination for the purpose of section 7.11, and subject to

this Division, the additional HEW contribution of the additional

HEW entitlements for each affected unit at a particular time is a

decrease in the SDL for the unit equal to the quantity of water, in

GL per year, that is registered as being available under additional

HEW entitlements for the unit.

Note 1:

The additional HEW contributions are expected to vary over time as

relevant water access entitlements are acquired.

Note 2:

The Authority will use long-term diversion limit equivalent factors to

convert water access entitlements into a common unit for the purpose

of the determinations.

(2) In this section,

registered

means shown on the register maintained

under section 7.13.

41 Subsection 7.17(1)

Omit "those amounts can", substitute "those amounts,

disregarding the

additional HEW entitlements mentioned in paragraph 7.11(1)(d),

could".

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

42 Subsection 7.17(1)

Omit "such a determination can", substitute "such a determination

could".

43 Section 7.18

Omit "notified measures", substitute "notified supply measures and

additional supply measures".

44 Section 7.19

After "at a particular time"

insert "before the commencement of any

adjustments proposed under section 7

.11".

45 Section 7.19

Omit "and the total efficiency contribution", substitute ", the total

efficiency contribution and the total additional HEW contribution".

46 Section 7.19

Omit "and the efficiency contribution", substitute ", the efficiency

contribution and the additional HEW contribution".

47 Section 7.19 (note)

Omit "or an efficiency contribution", substitute ", an efficiency

contribution or an additional HEW contribution".

48 Section 7.21

Repeal the section, substitute:

7.21 Final determination of amounts in 2026

(1) For the purpose of section 7.11, the Authority may make a

determination of the proposed adjustments only if:

(a) it has considered any advice from the Basin Officials

Committee and submissions from members of the public; and

(b) it is satisfied that the proposed adjustments meet the criteria

under section 7.17.

(2) The Authority must determine the following as they are expected

to be on 31 December 2026:

(a) the efficiency contributions;

Amendment of the Basin Plan 2012

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Water Amendment (Restoring Our Rivers) Bill 2023

(b) the supply contributions;

(3) The Authority must:

(a) determine the adjustments (the

overall adjustments

) that

would be appropriate to:

(i) reflect:

(A) the notified measures, the additional supply

measures, the additional efficiency measures

and the additional HEW entitlements as

determined for subsection (2); and

(B) the varying HEW contribution; and

(ii) comply with the limit on the size of proposed

adjustments under subsection 23A(4) of the Act;

(b) calculate, for each affected unit, the difference

between the

2017 SDLs as they would be if adjusted by the overall

adjustments, and the current SDLs (the

difference for the

unit

); and

(i) an adjustment of the SDL for each affected unit equal to

the difference for the unit; and

(ii) an adjustment of the SDL for the Basin water resources

equal to the net effect of the adjustments for all the

affected units.

(4) An amendment to give effect to the proposed adjustments must be

in the form of an amendment to the Basin Plan that would result in

the SDL for each affected unit being expressed as:

(a) a fixed element; and

(b) the varying HEW contribution, in the form of a formula as a

function of time, either varying continuously or changing at

specified times from 31 December 2026 onward.

(5) In this section:

2017 SDL

, for a SDL resource unit, means the SDL that applied

immediately before the adjustments made as a result of a proposal

under section 7.10.

Note:

Those adjustments commenced on 13 January 2018.

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

current SDLs

means the SDLs in the Basin Plan as amended by

the

Water Amendment (Restoring Our Rivers) Act 2023

register

means the register maintained under section 7.13.

varying HEW contribution

for an SDL unit, at any time after

31 December 2026, is the difference between the additional HEW

contributions shown on the register as being available for the unit

at that time, and the additional HEW contributions determined for

paragraph (2)(c).

49 Subsection 7.27(1)

Omit "The Authority may appoint or establish a person or body that is

independent of the

Authority", substitute "The Authority or the

Inspector-General may appoint or establish a person or body that is

independent of both the Authority and the Inspector-

General"

50 Paragraph 7.27(2)(b)

After "the Authority,", insert "the Inspector

-General,

51 Paragraph 10.10(5)(c)

Repeal the paragraph, substitute:

2024

the SDL as it stood on the day before the beginning of

the relevant water accounting period.

52 Section S6A.01 of Schedule 6A (first dot point)

After "notified efficiency measures", insert "

and additional efficiency

measures

53 Section S6A.01 of Schedule 6A (after the first dot point)

Insert:

•

additional water access entitlements are progressively

acquired. Such acquisitions will be additional HEW

entitlements in different surface water SDL resource units,

increasing the additional HEW contributions in affected

units; and

Amendment of the Basin Plan 2012

Schedule 2

No. , 2023

Water Amendment (Restoring Our Rivers) Bill 2023

54 Section S6A.01 of Schedule 6A (third paragraph)

Omit "and the total efficiency contribution", substitute ", the total

efficiency contribution and the total additional HEW contribution

55 Section S6A.01 of Schedule 6A (fourth paragraph)

After "2017"

insert "and any additional

efficiency measures notified

under section 7.12 or additional HEW entitlements specified under

section 7.08B

56 Section S6A.01 of Schedule 6A (fourth paragraph)

After "contributions", insert "and additional HEW contributions".

57 Section S6A.01 of Schedule 6A (fifth paragraph)

After "

As efficiency

contributions", insert "and add

itional HEW

contributions".

58 Section S6A.01 of Schedule 6A (last paragraph)

Omit "in accordance with

paragraph 7.20(4)(b),

59 Section S6A.01 of Schedule 6A (last paragraph)

Omit "up until

30 June

2024 of the relevant efficiency contributions"

substitute "to the efficiency contributions and additional HEW

contributions over time".

60 Subsection S6A.02(1) of Schedule 6A

Insert:

current additional HEW contribution

for a particular surface

water SDL resource unit and for a particular water accounting

period, means the unit's additional HEW contribution as at the end

of the first day of the water accounting period.

Note:

The current additional HEW contribution for a surface water SDL

resource unit might vary between water accounting periods, as

relevant water access entitlements are acquired

61 Subsection S6A.02(1) of Schedule 6A (definition of

current

efficiency contribution

)

Omit "

subsection 7

.16(1)", substitute "

subsection 7

.16(2)".

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Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

62 Subsection S6A.02(1) of Schedule 6A (definition of

current

efficiency contribution

)

Omit "

, disregarding any efficiency entitlement that might be registered

on the register maintained under section 7.13 after 30 June

2024".

63 Subsection S6A.02(1) of Schedule 6A (note 1 to the

definition of

net effect

)

Omit "and the total efficiency contribution", substitute "on the one

hand, and the total efficiency contribution and total current additional

HEW contribution on the other".

64 Subsection S6A.02(1) (note 2 to the definition of

net effect

)

Omit "changes", substitute

"and total current additional HEW

contribution change".

65 Subsection S6A.02(1) of Schedule 6A

Insert:

total current additional HEW contribution

for a particular water

accounting period, is equal to the sum of the current additional

HEW contributions of all surface water SDL resource units.

66 Subsection S6A.04(2) of Schedule 6A (formula)

Repeal the formula, substitute:

(

)

total current

total current additional

net effect

605

efficiency contribution

HEW contribution

















−

















67 Subsection S6A.04(2) of Schedule 6A (after the definition

total current efficiency contribution

)

Insert:

total current additional HEW contribution

has the meaning given

by subsection S6A.02(1).

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Water Amendment (Restoring Our Rivers) Bill 2023

68 Subsection S6A.05(1) of Schedule 6A (note)

Omit "total current efficiency contribution", substitute "sum of the total

current efficiency contribution and the total current additional HEW

contribution".

69 Subsection S6A.05(2) of Schedule 6A (formula)

Repeal the formula, substitute:

SDL

reduced supply

current efficiency

current additional

adjustment

contribution

HEW contribution

amount

































−





































70 Subsection S6A.05(2) of Schedule 6A (after the definition

current efficiency contribution

)

Insert:

current additional HEW contribution

, for the surface water SDL

resource unit and the water accounting period, has the meaning

given by subsection S6A.02(1).

71 Subsection S6A.05(3) of Schedule 6A (formula)

Repeal the formula, substitute:

total current

efficiency

additional

543

contribution

HEW contribution

reduced

apportioned

supply

605

contribution













































































 















































72 Subsection S6A.05(3) of Schedule 6A (after the definition

total current efficiency contribution

)

Insert:

total current additional HEW contribution

has the meaning given

by subsection S6A.02(1).

Schedule 2

Amendment of the Basin Plan 2012

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

73 Subsection S6A.06(2) of Schedule 6A (formula)

Repeal the formula, substitute:

SDL

apportioned

current efficiency

current additional

adjustment

supply

contribution

HEW contribution

amount

contribution

































−









































74 Subsection S6A.06(2) of Schedule 6A (after the definition

current efficiency contribution

)

Insert:

current additional HEW contribution

, for the surface water SDL

resource unit and the water accounting period, has the meaning

given by subsection S6A.02(1).

Note:

The current additional HEW contribution for a surface water SDL

resource unit might vary between water accounting periods, as

relevant water access entitlements are acquired.

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Schedule

3--Water Markets measures

Part

1--Water Markets Intermediaries Code

Water Act 2007

1 Subsection 4(1)

Insert:

Water Markets Intermediaries Code

means the code (if any)

prescribed by the regulations made under Division 3 of Part 5.

water markets intermediary services

means services referred to in

paragraph (a), (b), (c), (d), (e) or (f) of the definition of

eligible

water markets intermediary

2 After Part 4A

Insert:

Part

5--Water Markets Intermediaries Code and

trust accounting framework

Division

1--Simplified outline of Part

100E Simplified outline

This Part provides for a Water Markets Intermediaries Code to

regulate the conduct of eligible water markets intermediaries

towards participants and potential participants in the water market.

Eligible water markets intermediaries must not contravene the

code.

The ACCC has powers under this Part to issue public warning

notices, seek orders to redress loss or damage, and require the

giving of information and the production of documents.

Schedule 3

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Water Markets Intermediaries Code

Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

Division

2--Application of Part

100F Constitutional operation

(1) This Part, and any other provision of this Act or any other Act that

relates to this Part, applies to the provision of services by an

eligible water markets intermediary that is a constitutional

corporation.

(2) This Part, and any other provision of this Act or any other Act that

relates to this Part, applies to the provision of services by an

eligible water markets intermediary if:

(a) the person to whom the service is provided is a constitutional

corporation or is engaging in trade with a constitutional

corporation; or

(b) the service is provided in the course of trade and commerce:

(i) between the States; or

(ii) between a State and a Territory or between 2

Territories; or

(iii) between Australia and places outside Australia; or

relation to a water resource in a Territory.

Division

3--Water Markets Intermediaries Code

100G Regulations may prescribe Water Markets Intermediaries

Code

Water Markets Intermediaries Code

(1) The regulations may prescribe a code, to be known as the Water

Markets Intermediaries Code, for the purposes of regulating the

conduct of eligible water markets intermediaries towards

participants and potential participants in the water market.

(2) Without limiting the matters for which the Water Markets

Intermediaries Code may make provision, the code may make

provision for requirements in relation to the following:

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Water Amendment (Restoring Our Rivers) Bill 2023

(a) imposing an obligation upon eligible water markets

intermediaries to act in the best interests of clients, and in

accordance with clients' instructions;

(b) provision of information to clients, including in relation to

the interests of eligible water markets intermediaries;

purposes of the Code or for the purposes of Division 5

relating to trust accounting including, but not limited to the

following:

(i) the kind of records that must be kept;

(ii) specific details that must be recorded including, but not

limited to, client details, disclosures to clients, and

written authorities and instructions given by clients;

(iii) records relating to complaints and resolution of

complaints;

(iv) records relating to trades;

(v) financial and accounting records;

(vi) the period for which records must be retained, including

any period after an entity ceases to be an eligible water

markets intermediary;

(d)

holding clients' eligible tradeable water rights;

(e) holding professional indemnity insurance;

(f) keeping client records.

Conferral of functions and powers

(3) The Water Markets Intermediaries Code may confer on a person or

body functions and powers in relation to the code, including

functions and powers in relation to the following matters:

(a) monitoring compliance with the code;

(b) dealing with disputes or complaints arising under, or in

relation to, the code;

(d) providing exemptions from the code or specified provisions

of the code;

(e) reviewing, or reporting on, the operation of the code or

activities under, or in relation to, the code;

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No. , 2023

(f) any other matter relating to the operation, application or

administration of the code.

(4) For the purposes of subsection (3), the persons or bodies on whom

the Water Markets Intermediaries Code may confer functions and

powers are:

(a) if the function or power is a function of providing, or a power

to provide, exemptions from the code or specified provisions

of the code:

(i) the Minister; or

(ii) the ACCC; or

(b) otherwise

any person or body (whether or not a participant

in the water market), including a person or body referred to

in paragraph (a).

How functions and powers are to be exercised

(5) If the Water Markets Intermediaries Code confers on a person or

body a function or power in relation to the code, the code may

provide that the function or power is to be exercised by legislative

instrument or other kind of written instrument.

(6) However, if the Water Markets Intermediaries Code confers on a

person or body a function of providing, or a power to provide,

exemptions from the code or specified provisions of the code, then

(despite anything to the contrary in the code):

(a) the function or power must be exercised by written

instrument (an exemption instrument); and

(b) if the code does not provide that an exemption instrument

made under the code is a legislative instrument, then:

(i) if each exemption provided by the instrument relates to

a particular entity

the instrument is a notifiable

instrument; or

(ii) otherwise

the instrument is a legislative instrument.

Note:

If the code provides that an exemption instrument made under the

code is a legislative instrument, then the instrument is a legislative

instrument: see subsection 8(2) of the

Legislation Act 2003

Requirements to provide information

(7) The Water Markets Intermediaries Code:

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Water Amendment (Restoring Our Rivers) Bill 2023

(a) may require a person or body to provide another person or

body with information or documents relevant to the

operation, application or administration of the code (whether

or not the code relates to any of those persons); and

(b) may confer on a person or body (whether or not the code

relates to the person) a function of imposing, or a power to

impose, a requirement of the kind mentioned in

paragraph (a).

(8) Paragraph (7)(b) does not limit subsection (3).

100H Incorporation of instruments, etc.

(1) If the regulations prescribe a Water Markets Intermediaries Code,

the regulations may make provision in relation to a matter by

applying, adopting or incorporating, with or without modification,

any matter contained in an instrument or other writing as in force

or existing from time to time.

(2) If this Act provides that the Water Markets Intermediaries Code

may include a provision of a certain kind, then:

(a) the Water Markets Intermediaries Code may include a

provision of that kind, whether or not the provision regulates

conduct of a kind mentioned in subsection 100G(1); and

(b) if the Water Markets Intermediaries Code does include a

provision of that kind, the inclusion of the provision does not

prevent the code from being the Water Markets

Intermediaries Code.

100J Water Markets Intermediaries Code may prescribe pecuniary

penalties

The Water Markets Intermediaries Code may prescribe a pecuniary

penalty not exceeding 600 penalty units for a contravention of a

civil penalty provision of the code.

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Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

100K Water Markets Intermediaries Code may provide for civil

penalties

The Water Markets Intermediaries Code may provide that a

specified provision, or specified provisions, of the code are civil

penalty provisions.

100L Functions and powers of ACCC under Water Markets

Intermediaries Code

To avoid doubt, the functions and powers of the ACCC under this

Act include any function or power conferred on the ACCC by the

Water Markets Intermediaries Code.

Division

4--Contravention of Water Markets

Intermediaries Code

100M Contravention of Water Markets Intermediaries Code

An eligible water markets intermediary must not contravene the

Water Markets Intermediaries Code.

100N Ancillary contravention of Water Markets Intermediaries

Code

operation in addition to section 154A

(1) In addition to the operation of section 154A in relation to a

contravention of a provision of the Water Markets Intermediaries

Code that is a civil penalty provision:

(a) an eligible water markets intermediary must not attempt to

contravene a provision of the Water Markets Intermediaries

Code that is not a civil penalty provision; and

(b) a person must not do any of the following in relation to a

provision of the Water Markets Intermediaries Code that is

not a civil penalty provision;

(i) aid, abet, counsel or procure a contravention of the

provision;

(ii) induce (by threats, promises or otherwise) a

contravention of the provision;

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Water Amendment (Restoring Our Rivers) Bill 2023

(iii) be in any way, directly or indirectly, knowingly

concerned in, or party to, a contravention of the

provision;

(iv) conspire with others to effect a contravention of the

provision.

Note:

Section 154A provides for ancillary contraventions of civil penalty

provisions.

(2) A person who contravenes subsection (1) in relation to a provision

of the Water Markets Intermediaries Code is taken to have

contravened the provision.

Division

5--Statutory trust accounting framework for

eligible water markets intermediaries

100P Application of this Division

This Division applies to an eligible water markets intermediary that

receives money on behalf of another person in the course of

providing water markets intermediary services.

100Q Exception to the application of this Division: State or

Territory laws

(1) Despite section 100P, this Division, or a specified provision of this

Division, does not apply to an eligible water markets intermediary

in relation to a period when:

(a) the eligible water market intermediary maintains a trust

account in accordance with a law of a State or Territory that

makes provision for a statutory trust accounting scheme; and

(b) the law of the State or Territory is prescribed by the

regulations for the purposes of this paragraph; and

this Division, or the specified provision of this Division, does

not apply to an eligible water market intermediary, or an

eligible water market intermediary included in a specified

class, during a period when the eligible water market

intermediary maintains a trust account in accordance with the

law of the State or Territory.

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Water Amendment (Restoring Our Rivers) Bill 2023

No. , 2023

(2) Before a law of a State or Territory is prescribed for the purposes

of paragraph (1)(b), the Minister must be satisfied that the statutory

trust accounting scheme for which the law makes provision is

equivalent in substance to the statutory trust accounting framework

established under this Division.

(3) For the purposes of considering whether a statutory trust

accounting scheme of a law of a State or Territory is equivalent in

substance to the statutory trust accounting framework established

under this Division, the Minister must have regard to the matters

prescribed by the regulations for the purposes of this subsection.

(4) Without limiting subsection (3), regulations for the purposes of that

subsection may prescribe matters for and in relation to the

following in relation to a statutory trust accounting scheme of a

law of a State or Territory:

(a) audit requirements;

(b) external examination requirements;

(d) obligations in relation to the deposit and receipt of trust

funds;

(e) the capacity for the scheme to deal with the trade or transfer

of eligible tradeable water rights including, but not limited to,

a trade or transfer that is not part of the transfer of land;

(f) the adequacy of the protection of trust monies;

(g) any other matter that the Minister considers relevant.

100R Obligation for eligible water markets intermediaries to

maintain trust account

Requirement to maintain trust account

(1) An eligible water markets intermediary to which this Division

applies must maintain one or more trust accounts (a

trust account

)

in accordance with this section.

(2) A trust account must be maintained with an Australian ADI (within

the meaning of section 9 of the

Corporations Act 2001

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Water Amendment (Restoring Our Rivers) Bill 2023

(3) A trust account must be designated in the manner specified in the

Water Markets Intermediaries Code including, but not limited to,

in relation to the following matters:

(a) naming of the trust account;

(b)

the inclusion of the words "trust account" in the name;

(d) specific naming requirements if the trust account is held by

an entity of a particular kind.

(4) A person is liable to a civil penalty if the person contravenes

subsection (1), (2) or (3).

Civil penalty:

600 penalty units.

100S Obligation to notify the ACCC of trust account and appoint an

auditor

(1) Within 3 months of the first day on which the obligation for an

eligible water markets intermediary to maintain a trust account in

accordance with this Division arises, the eligible water markets

intermediary must:

(a) appoint an auditor; and

(b) notify the ACCC that the eligible water markets intermediary

is maintaining a trust account.

(2) A person is liable to a civil penalty if the person contravenes

subsection (1).

Civil penalty:

600 penalty units.

100T Obligations in relation to trust account money

(1) An eligible water markets intermediary to which this Division

applies must pay to the credit of the trust account any money

received on behalf of another person in relation to the water

markets intermediary services provided by the eligible water

markets intermediary.

(2) The eligible water markets intermediary must not pay to the credit

of the trust account any money other than in accordance with

subsection (1).

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(3) The eligible water markets intermediary must not withdraw any

money paid into the trust account, other than for the purpose of

paying the money in accordance with subsection (4).

(4) The eligible water markets intermediary must pay any money

withdrawn from the trust account to the person or persons lawfully

entitled to receive that money.

(5) A person is liable to a civil penalty if the person contravenes

subsection (1), (2), (3) or (4).

Civil penalty:

600 penalty units.

100U Trust account money not available to pay debts, etc.

Money paid into a trust account by an eligible water markets

intermediary under section 100T:

(a) is not available for the payment of a debt of a creditor of the

eligible water markets intermediary; and

(b) is not liable to be attached or taken in execution under the

order or process of a court at the instance of any such

creditors.

100V Requirement to prepare trust account statements

(1) An eligible water market intermediary to which this Division

applies must, for each financial year of the eligible water market

intermediary:

(a) prepare a written statement (the

trust account statement

) in

relation to the trust account of the eligible water market

intermediary; and

(b)

obtain an auditor's report (the

trust account audit report

)

prepared in accordance with this section.

(2) The trust account statement and the trust account audit report must:

(a) be in the approved form; and

(b) contain the information and matters specified in the Water

Markets Intermediaries Code.

(3) The trust account audit report must:

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Water Amendment (Restoring Our Rivers) Bill 2023

(a) be prepared by a person who complies with any eligibility

requirements specified by the Water Markets Intermediaries

Code; and

(b) be accompanied by any information or documents specified

in the Water Markets Intermediaries Code in relation to that

person.

(4) The trust account statement must be prepared, and the trust account

audit report must be obtained, within 3 months of the end of the

financial year of the eligible water market intermediary to which

the statement and report relate.

(5) The eligible water market intermediary must retain copies of the

trust account statement and the trust account audit report in

accordance with any requirements specified in the Water Markets

Intermediaries Code.

(6) A

financial year

of an eligible water markets intermediary means:

(a) if the eligible water markets intermediary is a body corporate

to which section 323D of the

Corporations Act 2001

applies

a financial year of the body corporate (within the

meaning of that section); and

(b) in any other case

a year ending on 30 June.

(7) A person is liable to a civil penalty if the person contravenes

subsection (1), (2), (3) or (4).

Civil penalty:

600 penalty units.

100W Requirement to provide trust account statement

(1) The ACCC may, by notice in writing given to an eligible water

market intermediary, require the eligible water market intermediary

to provide, for one or more financial years of the eligible water

markets intermediary, one or more of the following:

(a) the trust account statement;

(b) the trust account audit report;

trust account audit report under paragraph 100V(3)(b).

Schedule 3

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Part 1

Water Markets Intermediaries Code

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(2) If the ACCC gives a notice under subsection (1) to an eligible

water market intermediary, the eligible water marker intermediary

must comply with the notice.

(3) A person is liable to a civil penalty if the person contravenes

subsection (2).

Civil penalty:

600 penalty units.

100X Time of providing trust account statement or trust account

audit report

(1) If the ACCC gives a notice under subsection 100W(1) to an

eligible water market intermediary requiring the provision of a

trust account statement or a trust account audit report for one or

more financial years of the eligible water markets intermediary, the

statement or the report must be provided:

(a) if the notice is given after the relevant day

within 21 days

of the day on which the notice is given; or

(b) if the notice is given before the relevant day

within 21 days

of the relevant day; or

subsection (2)

before the end of the extended period.

(2) The ACCC may, on application made by the eligible water markets

intermediary or, if applicable, the auditor that is to prepare the trust

account audit report, extend the period for complying with the

notice. The extension may be of the period originally applicable or

the period applicable under a previous extension.

(3) An extension may be given subject to any conditions imposed by

the ACCC.

(4)

A member of the ACCC may, in writing, delegate the member's

powers under subsection (2) to a member of the staff of the ACCC

who is an SES employee or an acting SES employee.

Note 1:

Section 2B of the

Acts Interpretation Act 1901

contains the definitions

of SES employee and acting SES employee.

Note 2:

Sections 34AA to 34A of the

Acts Interpretation Act 1901

contain

provisions relating to delegations.

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(5) A delegate under subsection (4) must comply with any written

directions of the member of the ACCC who delegated the powers.

(6) For the purposes of paragraphs (1)(a) and (b), the

relevant day

, in

relation to a trust account statement or a trust account audit report,

means the day that is 3 months after the end of the most recent

financial year of the eligible water markets intermediary to which

the trust account statement or the trust account audit report relates.

100Y Provision of false or misleading information

(1) A person must not give false or misleading information in a trust

account statement or a trust account audit report.

Civil penalty:

600 penalty units.

(2) This section does not apply to:

(a) information that the person could not have known was false

or misleading; or

(b) the provision of a document containing false or misleading

information if the document is accompanied by a statement

of the person that the information is false or misleading.

100Z

Auditor's right of access to records, information etc.

(1) An auditor who prepares a trust account audit report for the

purposes of this Division in relation to an eligible water market

intermediary has a right of access at all reasonable times to the

financial records of the eligible water market intermediary for

purposes relating to the trust account audit report.

(2) The auditor is entitled to require any assistance and explanations

that the auditor requires for purposes relating to the trust account

audit report from:

(a) from the eligible water market intermediary; or

(b) if the eligible water market intermediary is a body

corporate

from any director, secretary or senior manager of

the body corporate.

(3) The eligible water market intermediary, director, secretary or

senior manager must not:

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(a) refuse or fail to allow the auditor access, in accordance with

subsection (1), to financial records of the eligible water

market intermediary; or

(b) refuse or fail to give assistance, or an explanation, to the

auditor as and when required under subsection (2); or

performance or exercise of the auditor's duties or powers.

Civil penalty:

600 penalty units.

Division

6--Public warning notices

100ZA ACCC may issue a public warning notice

(1) The ACCC may issue to the public a written notice containing a

warning about the conduct of a person if:

(a) the ACCC has reasonable grounds to suspect that the conduct

may constitute a contravention of Division 4 of this Part or

the Water Markets Intermediaries Code; and

(b) the ACCC is satisfied that one or more persons has suffered,

or is likely to suffer, detriment as a result of the conduct; and

the notice.

(2) A notice issued under subsection (1) is not a legislative instrument.

Division

7--Orders to redress loss or damage suffered by

non

parties etc.

100ZB Orders to redress loss or damage suffered by non-parties,

etc.

Orders

(1) If:

(a) a person engages in conduct (the

contravening conduct

) that

contravenes Division 4 or 5 of this Part or the Water Markets

Intermediaries Code; and

(b) the contravening conduct causes, or is likely to cause, a class

of persons to suffer loss or damage; and

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non-parties

) who are not, or have

not been, parties to a proceeding (an enforcement

proceeding) instituted under Part 8

in relation to the

contravening conduct;

any court having jurisdiction in the matter may, on the application

of the ACCC, make such order or orders (other than an award of

damages) as the court thinks appropriate against the person who

engaged in the conduct.

(2) A court must not make an order under subsection (1) unless the

court considers that the order will:

(a) redress, in whole or in part, the loss or damage suffered by

the non-parties in relation to the contravening conduct; or

(b) prevent or reduce the loss or damage suffered, or likely to be

suffered, by the non-parties in relation to the contravening

conduct.

Application for orders

(3) An application may be made under subsection (1) even if an

enforcement proceeding in relation to the contravening conduct has

not been instituted.

(4) An application under subsection (1) may be made at any time

within 6 years after the day on which the cause of action that

relates to the contravening conduct accrues.

100ZC Determining whether to make an order

(1) In determining whether to make an order against a person referred

to in subsection 100ZB(1), a court may have regard to the conduct

of:

(a) the person; and

(b) the non-parties;

in relation to the contravening conduct, since the contravention

occurred.

(2) In determining whether to make an order under

subsection 100ZB(1), a court need not make a finding about either

of the following matters:

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(a) which persons are non-parties in relation to the contravening

conduct;

(b) the nature of the loss or damage suffered, or likely to be

suffered, by such persons.

When a non-party is bound by an order etc.

(3) If:

(a) an order is made under subsection 100ZB(1) against a

person; and

(b) the loss or damage suffered, or likely to be suffered, by a

non-party in relation to the contravening conduct to which

the order relates has been redressed, prevented or reduced in

accordance with the order; and

reduction;

then:

(d) the non-party is bound by the order; and

(e) any other order made under subsection 100ZB(1) that relates

to that loss or damage has no effect in relation to the

non-party; and

(f) despite any other provision of this Act or any other law of the

Commonwealth, or a State or Territory, no claim, action or

demand may be made or taken against the person by the

non-party in relation to that loss or damage.

Division

8--Power to require information, etc.

100ZD ACCC may require eligible water markets intermediary to

give information or produce documents

(1) This section applies if an eligible water markets intermediary is

required to keep, to generate or to publish information or a

document under the Water Markets Intermediaries Code.

(2) The ACCC may give the eligible water markets intermediary a

written notice that requires the eligible water markets intermediary

to give the information, or to produce the document, to the ACCC

within 21 days after the notice is given to the eligible water

markets intermediary.

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(3) The notice must:

(a) name the eligible water markets intermediary to which it is

given; and

(b) specify:

(i) the information or document to which it relates; and

(ii) the provisions of the Water Markets Intermediaries

Code which require the eligible water markets

intermediary to keep, to generate or to publish the

information or document; and

comply with the notice within the period specified in

subsection (2); and

(d) explain the effect of section 100ZE (extending the period for

compliance), 100ZF (civil penalty) and 100ZG (false or

misleading information).

(4) The notice may relate to more than one piece of information or

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