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More expensive water on the way for south-east Queenslanders
Wednesday, 14 Dec 2016 11:28:04 | Chris O'Brien
South-east Queensland water prices could be on the rise. (ABC News: Matt Watson)
South-east Queensland water prices may be too low, a report suggests, with Seqwater struggling to pay its debt while consumers were frugal in their water use.
Acting Auditor-General Anthony Close's report found the bulk water supply authority had not returned a profit in the past five years, and its net assets (valued at $11.1 billion) had not improved.
With borrowings of $9.4 billion and water consumption lower than expected, Seqwater would need to earn more revenue to service its debt.
However the bulk water price set by the State Government was not due to be reset until July 2018.
"If the demand for water remains at the current level of 165 litres per day per person, it is unlikely that Seqwater will earn sufficient revenue to service its debt until the next price reset," the report found.
Mr Close reported that while water prices have been increasing since 2008, consumers were still not paying the full cost because the Government wanted to avoid "price shock".
The aim was for water users to pay the full cost by 2018.
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