The National Water Initiative (NWI) is Australia's enduring blueprint for water reform. Through this initiative, governments across Australia have agreed on actions to achieve a more cohesive national approach to the way Australia manages, measures, plans for, prices, and trades water.
Australian Water Accounting Standard
The National Water Initiative identified the need for a consistent and standardised approach to water resource accounting, resulting in a decision to treat water accounting as a discipline comparable to that of financial accounting.
The Australian Water Accounting Standard 1 was developed by the Australian Bureau of Meteorology to define the structure for preparing and presenting a General Purpose Water Accounting Report. The document outlining the Australian Water Accounting Standard can be downloaded from Bureau of Meteorology.