This chapter examines the challenges and opportunities in transboundary water governance through the lens of Australia’s experiences with the Murray-Darling Basin. It argues that risk-informed approaches to water management require inclusive collaborative governance processes that acknowledge power imbalances among stakeholders. The Australian case demonstrates that despite sophisticated water management systems and significant financial investment, governance arrangements can be undermined when collaborative processes fail to include marginalised voices and address underlying value conflicts. The chapter highlights how inclusive governance contributes to risk management by broadening knowledge bases, improving compliance through shared ownership, and building consensus around core values. Special attention is given to intersectionality—how multiple layers of marginalisation based on gender, indigeneity, socio-economic status, disability and other factors affect participation in governance processes. The authors propose that meaningful collaboration requires acknowledging historically privileged interests while elevating marginalised perspectives, including those of Indigenous peoples and environmental advocates. While collaborative governance is not a “silver bullet” and requires significant time and resources, it offers a pathway to more sustainable transboundary water management by revealing tensions, managing trade-offs, and supporting transitions away from unsustainable practices. The chapter concludes that inclusive approaches combined with values-based discussions and structural adjustment mechanisms are essential for effective transboundary water governance in contexts of increasing scarcity and competing demands.