Issue date
AER reference
AC 168/22

The AER has decided to delay the publication of the 2022 Rate of Return Instrument until February 2023.

In July 2022 the Independent Panel recommended that we consider the extent to which some of the rate of return parameters may have been impacted by the low interest rates and quantitative easing which is now being unwound. In response to this recommendation the AER sought advice from the Commonwealth Treasury. On 2 November, the AER published the advice we received and sought submissions by 25 November 2022.

The delay will allow us to consider the submissions made in the final instrument and avoid closing off options currently available.

The 2018 Rate of Return Instrument remains in force until it is replaced. However, publishing the new instrument in February 2023 will allow it to apply to our next set of regulatory decisions in April 2023.


The Rate of Return Instrument sets out the approach by which we will estimate the rate of return and comprises the return on debt and the return on equity, as well as the value of imputation credits.

We publish a new Instrument every 4 years. The current Rate of Return Instrument was published in 2018 and the draft 2022 Rate of Return Instrument was published in June. The final 2022 Rate of Return Instrument was scheduled to be published on 16 December 2022.