The relationship between Aboriginal and/or Torres Strait Islander people and water represents a complex array of connections consolidated across generations and millennia through ancestral First Laws that emphasise custodianship of living waters, reciprocity, and intergenerational equity. Despite this, Aboriginal and/or Torres Strait Islander interests in water have been overlooked by the racialised settler water regime. Aqua nullius has enabled the dislocation and dispossession of water from Aboriginal and/or Torres Strait Islander communities. Within this context, I will seek to explore the opportunities and constraints for Traditional Owner groups seeking to access, use and manage water for economic development in Victoria, and argue that greater water access and use by Traditional Owner groups in Victoria is integral to wealth creation and economic benefits for present and future Aboriginal and/or Torres Strait Islander communities.