Editor's Summary: Today, government agencies in Australia must manage water resources sustainably. One of the means available for achieving this goal is the use of market instruments. Yet the protection of ecological and environmental values and the protection of private interests in water seem at odds with one another. In this Article, Prof. Douglas Fisher examines these two seemingly conflicting objectives as he considers how a market in water rights might be created, what legal framework would be appropriate to sustain such a market, and issues of transferability.