Done properly water meters work out good for low users. Former North Shore City Council in Auckland. Water cost $1.30 per m3 (1,000L) Meters read 6 monthly. If usage calculated to less than $15 then you were charged $15. But that is equivalent to only 63L per day, So you would have to be a very low user to use less than that. And $160 per year fixed fee on rates bill for sewage.
I once had 8 people in my house. Over 1200L per day used. Bill was $190 something for 6 months. So only about $32 per month. So it was expensive enough that leaks got fixed. But cheap enough that paying it was not a burden. If you had a big leak you could apply for a remission on part of the cost caused by the leak. Invoice from a plumber as proof of a leak. And you could also get a refund if water gets used for firefighting. So you wouldn't be out of pocket if the fire service pumped out your swimming pool to use for a fire on a neighbouring property.
But under the supercity, they reduced the water charge to $1.20 then added a volume based sewage charge. So the new cost is now $3.37 per m3 plus a $205 per year fixed fee. And Len Brown then said that the $1.20 charge meant that water was now cheaper under the super city. Even though you still had to pay the sewage fees. And the volumetric sewage charge meant a big cost increase for renters. As landlords are allowed to charge variable fees to tenants. And due to the cost a landlord would be silly not to charge the tenants in case they are wasteful.
Not having meters is definitely very wasteful. An old time plumber told me that before meters people would install fountains in their gardens. That were simply a pipe coming from a hose tap to the fountain. As for the owner that was cheaper than paying for power to run a small pump that used the same power as a light bulb. Yet the power the council had to pay for just to pressurise the water used by the fountain was far more. Plus of course all the other costs in providing clean water. And if the mains had to be turned off for any reason, the scummy pond water would backflow into the council mains. Another one was using the water for cooling on commercial refrigerators / freezers. Instead of using a fan and a radiator for cooling the refrigerant gas. Water was used instead. Why pay to run a 60W fan when you can leave water running 24/7 even when the compressor is not running.
More recent case - block of terraced houses in a body corp. One had a massive underground leak. Only 1 common water meter with the body corp paying the bill. Owners only got the leak fixed as they got annoyed with the constant hissing sound going through the pipes at night.