The Independent Pricing and Regulatory Tribunal (IPART) has not approved North Sydney Council’s application for a Special Rate Variation (SRV).
Council had sought an increase of 45% in 2025/26 and 29% in 2026/27 to repair Council’s financial position, maintain existing services, fund the renewal of ageing infrastructure, and deliver strategic priorities for the changing and growing population.
The timing of Council’s special rate variation application was critical. Liquidity pressures because of the North Sydney Olympic Pool project have reduced renewal of infrastructure and depleted internal reserves. Restoring Council’s liquidity must be Council’s first priority.
While disappointed, Council respects IPART’s decision and will now need to consider alternative strategies to repair the financial position.
What This Means
Without the additional revenue from the SRV:
- Infrastructure renewals and backlogs including North Sydney Oval, Stanton Library and sporting field upgrades are now unfunded.
- Actions identified in Council’s long-term strategies will be deferred indefinitely.
- Service levels will be reviewed and reduced.
- Council’s ability to respond to new requests from the community will be limited.
Next Steps
Council will:
- Conduct a full review of all services and programs
- Identify opportunities for expenditure cuts and reducing operational costs
- Prioritise compliance and safety in infrastructure management, deferring all other projects
Our Commitment to the Community
Council thanks the community for its engagement throughout the past year. Council will provide updates as revised financial plans and decisions are made in response to this outcome.