An all-party Oireachtas Committee has said that the new Irish Water utility must remain in public ownership.

It said all profits must be reinvested in the provision of water and treatment of waste water.

The report also calls for one national tariff for water, and a waiver system to protect low-income and struggling households.

This would take into account circumstances that could affect consumption, such as household size and medical conditions or disabilities which result in increased water usage.

The committee chairperson, Labour TD Ciarán Lynch, said the resource was limited, and failure to take action would have significant consequences for society and the environment.