Commonwealth legislation on water market behaviour governance and integrity is still very much a ‘work in progress’, or perhaps even a twinkle in the Treasurer’s eye. Like so many other integrity issues, it is in the too-hard basket. But now is the time to act. Water is abundant, tempers have been cooled, and greater attention is being applied to the complex challenge of balancing the competing uses of water and our river system. Waiting till the next drought might seem easy, but it will make reform many times harder.