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. Water markets are helping balance competing demands for Australia’s scarce water resources and delivering more efficient water investment, allocation and use. They provide business flexibility and risk management benefits, and help deliver important public policy outcomes. They are also increasingly viewed as providing an attractive investment opportunity. Market information and analysis support improved understanding of how water markets work – including by illustrating trends in market activity and highlighting potential opportunities. It can also help to inform decision making, such as helping to determine if, when, or how to participate in water trade, or when it may be necessary to alter policy settings. With the 2014-15 water year recently completed, now is an opportune time to review outcomes for the year past, compare these with the previous year, and consider the outlook for 2015-16.