The Department of Environment, Land, Water and Planning and EPA Victoria have developed a new state environment protection policy (SEPP) that covers surface waters, marine waters, estuarine waters and groundwater. This new SEPP, known as SEPP (Waters), replaces SEPP (Waters of Victoria), five regional schedules, and SEPP (Groundwaters of Victoria), with a new single policy. This report summarises the extensive technical papers developed by EPA during the review and is intended to assist stakeholders to understand the process EPA followed in developing the environmental quality indicators and objectives in the SEPP (Waters). It supersedes EPA publication 1688.