Water markets are a key mechanism by which Australia manages its water resources as efficiently as possible while supporting economic growth. State and territory governments are responsible for water licensing and trade rules, whereas the Commonwealth maintains a leadership role to coordinate actions to improve the efficient operation of water markets. Water can be traded within catchments, between catchments (where possible) or along river systems, which enables water users to buy and sell water in response to their individual needs. Navigating water market rules and regulations can be difficult, even more so in the face of a changing climate, scarce water resources and fluctuating market prices. Here to help us understand it better is Dr Erin O’Donnell (water law and policy specialist), Ben Williams (President of the Australian Water Brokers Association) and Chris Olszak (Aither Economics).