3Objects

3  Objects   The objects of this Act are:  (a) to enable the Commonwealth, in conjunction with the Basin States, to manage the Basin water resources in the national interest; and  (b) to give effect to relevant international agreements (to the extent to which those agreements are relevant to the use and management of the Basin water resources) and, in particular, to provide for special measures, in accordance with those agreements, to address the threats to the Basin water resources; and  (c) in giving effect to those agreements, to promote the use and management of the Basin water resources in a way that optimises economic, social and environmental outcomes; and  (d) without limiting paragraph (b) or (c):  (i) to ensure the return to environmentally sustainable levels of extraction for water resources that are overallocated or overused; and  (ii) to protect, restore and provide for the ecological values and ecosystem services of the Murray‑Darling Basin (taking into account, in particular, the impact that the taking of water has on the watercourses, lakes, wetlands, ground water and water‑dependent ecosystems that are part of the Basin water resources and on associated biodiversity); and  (iii) subject to subparagraphs (i) and (ii)—to maximise the net economic returns to the Australian community from the use and management of the Basin water resources; and  (e) to improve water security for all uses of Basin water resources; and  (f) to ensure that the management of the Basin water resources takes into account the broader management of natural resources in the Murray‑Darling Basin; and  (fa) to ensure that the use and management of Basin water resources takes into account spiritual, cultural, environmental, social and economic matters relevant to Indigenous people, including in relation to their knowledge, values, uses, traditions and customs; and  (g) to achieve efficient and cost effective water management and administrative practices in relation to Basin water resources; and  (ga) to ensure that the governance of water markets and trading arrangements relating to Basin water resources is appropriate, and that governance measures promote integrity and transparency in water markets; and  (h) to provide for the collection, collation, analysis and dissemination of information about:  (i) Australia’s water resources; and  (ii) the use and management of water in Australia.