There has been a lot of discussion about water being undervalued in Australia. The nation's attention is presently focussed on water issues with the drought of 2002 - 2003, the deepening crisis with the River Murray and water rationing in a number of urban areas. Over 2003-2005, the States and...

The way in which water of varying qualities is available and allocated using the current set of formal and informal rules may have the capacity to limit economic development and environmental integrity1 in some regions of Australia. In order to address this concern this paper explores the...