The Independent Pricing and Regulatory Tribunal (IPART) sets the amount that NSW Councils can increase rates each year, in line with inflation and other considerations.
In December 2021, the Independent Pricing and Regulatory Tribunal (IPART) announced a rate peg of 0.7% for the 2022-2023 financial year. This rates increase is significantly less than the rate increase IPART advises councils to use when developing their annual budgets and financial plans, and less than increases in the prices of goods and labour. If this increase is applied, Council will have less funds than usual to provide its normal levels of service to the community.
IPART has recognised the problem the lower rate peg presents for many NSW councils. Consequently, IPART has invited applications for an Additional Rate Variation (ARV). To ensure we are able to maintain normal service levels and remain financially sustainable, Ku-ring-gai Council is applying to IPART for an ARV.