This publication examines the critical issues surrounding water security (water shortage, water excess, inadequate water quality, the resilience of freshwater systems), providing a rationale for a risk-based approach and the management of trade-offs between water and other (sectoral and environmental) policies. The report sets out a three-step process to "know", "target" and "manage" water risks: (1) appraising the risks, (2) judging the tolerability and acceptability of risks and weighing risk-risk trade-offs, and (3) calibrating appropriate responses. The publication provides policy analysis and guidance on the use of market-based instruments and the complex links between water security and other policy objectives, such as food security, energy security, climate mitigation and biodiversity protection.

This publication examines the critical issues surrounding water security (water shortage, water excess, inadequate water quality, the resilience of freshwater systems), providing a rationale for a risk-based approach and the management of trade-offs between water and other policies.

This unique book brings together 27 chapters from some of the world's leading practitioners and experts on environmental water, communities, law, economics and governance. Its goal is to understand the many dimensions of water in the Murray-Darling Basin and provide guidance about how to implement a water management plan that addresses the needs of communities, the economy and the environment. The comprehensiveness of topics covered, the expertise of its authors, and the absolute need to take a multidisciplinary approach to resolving the "wicked problem" of governing our scarce water resource makes this volume a must read for all who care about Australian communities and the environment.