> Water - Tim Stephens

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Until recently the Federal Government has shunned the concept of carbon trading. That might change in May 2007 when the Prime Minister's task group on emissions trading reports back. But we shouldn't hold our collective breath for individual carbon rationing as recently proposed by the UK Environment Secretary David Milliband. Or should we? Malcolm Turnbull, the Federal water supremo, has already been thinking about how rationing could work for water better than the restrictions currently in place (which stop the kids running through the sprinkler, but allow mum and dad to spend all day in the shower should they wish). Households would each be given a water entitlement and if they exceeded it they'd have to pay a premium for extra water. Under this type of system we could sell excess water to our neighbours if they wanted it (indeed we have a fair bit of H2O at the moment, thanks to the 4000l rainwater sac we had installed under our house this week).