The body now known as the Independent Pricing and Regulatory Tribunal (the Tribunal) was established by the NSW Government in 1992. Its purpose is to independently determine maximum prices that may be charged by certain government monopoly service providers. These providers include the four NSW metropolitan water businesses: Sydney Water Corporation (SWC), Hunter Water Corporation (HWC), Gosford City Council (Gosford) and Wyong Shire Council (Wyong).

The Tribunal established medium term price paths for each of these businesses in 1996. The two councils’ price paths ended in June 1999 and were replaced by a one-year determination from 1 July 1999. The two corporations’ price paths will end in 2000. The Tribunal intends to make medium term price path (MTPP) determinations for the four businesses from 1 July 2000.