Rate of Return Instrument 2022

  • Accepting submissions
Rate of return
Date initiated: 
4 November 2019
Effective date: 
31 December 2022
General inquiries - Rate of return RateOfReturn@aer.gov.au
AER reference: 


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 rate of return instrument every four years. The next rate of return instrument is to be published in 2022 and will bind all regulatory determinations in the subsequent four years.

To determine the 2022 instrument we will undertake an extensive review including multiple rounds of stakeholder consultation. We expect the active phase of this review will commence in the middle of 2021.

The 2018 Instrument remains in force until the publication of the 2022 instrument.

Invitation for submissions

We invite stakeholder feedback on the proposed pathway to the 2022 rate of return instrument. Submissions are requested by close of business on Friday 13 December 2019 and should be emailed to RateOfReturn@aer.gov.au.