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 2023-24, and written to Roads and Maritime Services (RMS) and the Department of Planning and Environment (DPE) to advise these agencies of the updated rates of return.