I have maintained that water issues are such that the growing lifestyle will never be for the masses. Mish had a post about China, but I what I really took note of was the dead fish, and, yuck, the guy harvesting the dead fish...
I had not looked at Australia's water issues until quite recently. I was with a group and a guy from Australia was talking about all the water conservation issues happening. People have installed drums to catch rainwater off the roof. Flushing isn't necessarily done everytime... Well, naked capitalism had a post on water issues in Australia.
These water issues should be taken very seriously. I have posted on it before, but there are many places in the US that the issues have become critical. Personally, everytime I have visited Florida I am shocked at the degree of watering lawns when the unground water supply is depleting so fast. Mead Lake and Hoover Dam are look bad. They are lowering the intake pipes as Las Vegas is at risk of losing its water supply in the next year or two with the existing intake pipes as they are expected to be above the water level for the first time in the history of the dam.
I don't have time to do the research, but I think focusing investment research around water issues could be highly profitable. I think water issues are going to be very serious and will have strong business consequences.