Australia's new Water Minister has flagged possible Government intervention in the water-trading market just days into his new role.

Key points: Prime Minister Scott Morrison made the commitment to inquire into the water trade on a visit to Tasmania during the election campaign

Prime Minister Scott Morrison made the commitment to inquire into the water trade on a visit to Tasmania during the election campaign Queensland Nationals MP David Littleproud has been sworn in as the Minister for Water Resources

Queensland Nationals MP David Littleproud has been sworn in as the Minister for Water Resources Mr Littleproud said one of his top priorities is to call on ACCC to inquire into irrigation water trading in the southern Murray Darling basin

Queensland Nationals MP David Littleproud was sworn in as the Minister for Water Resources in Canberra on Wednesday.

Mr Littleproud said he had heard from angry irrigators in recent months about the impact trading was having in their communities.

"They were yelling at me, telling me quite clearly they had concerns about how the market had evolved and whether it was still equitable, and that is the only time a government should interfere in a market place, if there is an imbalance," Mr Littleproud said.

"And that is what I intend to take a look at and get sound advice on."

A focus on the southern Murray Darling basin

Mr Littleproud told the ABC one of his priorities is to call on the Australian Competition and Consumer Commission (ACCC) to inquire into irrigation water trading in the southern Murray Darling basin.

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He said the inquiry would focus on the southern basin, where 93 per cent of water trades occur.

"Fourteen per cent of those trades every year are from corporates and individuals who don't own land, so we've got to understand, is the market fit for future? Has it evolved into something that isn't equitable? Where is the market power? [And] Is it disproportionate?" Mr Littleproud said.

"We've got to get under the bonnet of it and the role that brokers play and corporates play in it and make sure that those impacts are understood, and we can make sound policy as a result if there is any findings."

To the surprise of irrigator groups, Prime Minister Scott Morrison made the commitment to inquire into the water trade on a visit to Tasmania during the election campaign.

The National Irrigators Council has called for farmers and industry experts to have a say on the inquiry's terms of reference.

"Record prices for allocation water are putting farmers out of business, and in that sort of environment we must expect, not just concern, but anger," NIC chief executive Steve Whan said.

"The water market has achieved what it was designed to do, that is water goes to its highest value use. But it would be ridiculous to suggest there are no losers in that process.

During the election campaign, Labor's water spokesman Tony Burke said the Opposition would consider supporting the ACCC inquiry.

"We're happy to consider," Mr Burke said.

"There are complexities and the water market will always be an imperfect market because when you move water between properties, and certainly when you move it between catchments it's never a one-for-one shift."

The ACCC is already charged with enforcing water market rules and advising the Murray Darling Basin Authority on the development of water trading rules.

Basin wide economic study

Mr Littleproud expected to launch a basin-wide study of the socio-economic impact of the Murray Darling Basin Plan within weeks.

"We haven't done a granular enough study, we've done very broad studies and this is going right across the basin," Mr Littleproud said.

He said he had heard feedback across the Basin that the rollout of the plan had "had far greater impact on our communities than what we've said before".

"I want to make sure we get a real lens on that," Mr Littleproud said.

He is expected to announce a panel, including economic experts, to oversee the study within weeks.

It comes as Mr Littleproud committed to follow up on a request to the Auditor-General to review all government water buybacks dating back to 2008.

"I have no problem making that transparent to the public," Mr Littleproud said.

"If you get transparency, you get confidence across the community and I'm prepared to do that, and with compliance in particular and making sure environmental flows are protected and that farmers are taking what is rightfully there's and not a drop more."