Business New Zealand are saying water will be the key to our future economic growth, but we need to clarity who has the right to use it.

Public submissions closed yesterday on the Government's consultation document 'Next Steps for Fresh Water'.

It's believed to have been inundated with responses.

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Economist John Pask said the Government needs to respect existing rights, and compensate people if those rights are going to be taken away:

"It'd be a similar case if someone wants to take your house to put in a highway as it were, so essentially those same principles."

Pask added that clarification would also allow people to trade in water more easily, so it can be used in the places it's wanted the most.

"If I no longer use it or want it further down the track I can transfer it to someone else who may want it more than me."

"As long as the water is going to use and not having an adverse effect on the environment, you should be able to move it to people who value it more highly than you."

He also argues that councils have too much power over the control of water and wants to see uniform regulations nationwide.

"There will be certain areas that may require a local approach to issues, but if it's going to create a lot of uncertainty, and lack of clarity surrounding rights and obligations, that could be problematic."