A water meter shows you how much water you use and based on your usage you have to pay water bill. If you have following type of water meter then read as follows:Water Meter-1
Read the numbers left to right. The black number show how may kiloliters(1000 Liters) have been used. The red numbers show how may liters have been used. Only the kiloliters are shown on your bill.Water Meter-2
If your water meter look like as water meter-2 then the number show the kiloliters while the dial show the liters. The dials are read from right to left. When a pointer is between two numbers read the lower number. This meter also has a gauge that shows flow through the meter. If you turn off all your taps and there is movement in this gauge you may have a leak.
For more information read here about water usage in Sydney click here.