We propose to adopt a new approach to estimating the cost of debt for reviews from 1 July 2014. Our proposed approach is based on credit spreads for Australian non-financial corporations (NFCs) published by the Reserve Bank of Australia (RBA). This Fact Sheet provides stakeholders with detailed information and an opportunity to comment on our proposed changes. We invite our stakeholders to contact us directly if you have any questions regarding this proposed change by Friday 4 April 2014.