This report, which has been prepared for IPART by Halcrow Pacific, examines the operating and capital expenditure of State Water Corporation. The report makes recommendations on the level of operating and capital expenditure that IPART should allow in setting bulk water charges for State Water Corporation. Submissions on this report should be made as part of stakeholders’ response to the Tribunal’s draft report and must be received by no later than COB 21 June 2006.