Water markets in Australia have developed substantially over the past two decades. They are now an established part of agricultural, urban and environmental water policy and management in Australia. Australian water markets are helping balance competing demands for Australia’s scarce water resources and are delivering more efficient water investment, allocation and use. Markets provide business flexibility and risk management benefits and help deliver important public policy outcomes. They are also increasingly viewed as an attractive opportunity for investors. Market information and analysis supports an improved understanding of how water markets work – including by demonstrating market activity and highlighting potential opportunities. It can also help to inform decision making by determining if, when, or how to participate, or when it may be necessary to change policies affecting water markets. With the 2013-14 water year recently completed, now is an opportune time to review outcomes for the year past, and consider the outlook for the year ahead.