Australia is renowned as a very arid continent that has wide rainfall variability across its regions, the seasons and years. Water scarcity increases the need to better understand water storage variability. The potential impacts of climate change on regional water availability can be well understood by adopting a tracking technique to continuously record water storage, and its variability at regional levels. This paper develops indices of water availability based on regional water storages in Queensland. Given the impact of climate events on water availability; paper measures and indexes storage volatilities in the presence of climatic events, adapting mapping techniques. Findings of this research afford insights for regional policy-making decisions. In addition, the paper highlights the link between indices and its potential application in business, by shedding light on the financial implications of water availability information.