Following the recommendations of IPART’s 2011 review of the method for determining rents for domestic waterfront tenancies, the Premier asked IPART to carry out the annual update to the net rates of return used in the formula to set rents for domestic waterfront tenancies. IPART has calculated the net rates of return to be used in the rental formula for 2024-25, and written to Transport for NSW and the Department of Planning, Housing and Infrastructure to advise these agencies of the updated rates of return.