Key Highlights

  • The Queensland Competition Authority issued its Final Decision on the 2025 UT5 Draft Amending Access Undertaking (UT5+) late on 22 October 2026.
  • The QCA considers Aurizon Network's revisions appropriate to approve, subject to correcting minor modelling and calculation changes.
  • Supported elements include a ten-year term from 1 July 2027 to 30 June 2037 and the Weighted Average Cost of Capital methodology.
  • UT5+ has not been approved in its current form, and Aurizon Network intends to submit a revised draft promptly.

Aurizon Holdings Limited (ASX:AZJ) said on 23 October 2026 that it welcomes the Final Decision it received late the previous day from the Queensland Competition Authority (QCA) on the 2025 UT5 Draft Amending Access Undertaking, known as UT5+. The company said the decision supports the key elements of the proposal but does not yet approve it in its current form.

What the QCA Decided

Aurizon said the QCA materially supports UT5+ as a negotiated package developed with customers. The regulator considers the revisions submitted by Aurizon Network appropriate to approve, subject to correcting minor modelling and calculation changes.

Because those corrections are required, the QCA has not approved UT5+ in its current form. Aurizon described the Final Decision as providing a clear pathway to approval.

Elements the Decision Supports

According to Aurizon, the Final Decision supports a ten-year term running from 1 July 2027 to 30 June 2037, along with the Weighted Average Cost of Capital methodology, accelerated depreciation, throughput payments, and inflation and revenue protection mechanisms. It also supports a range of customer and operational improvements included in the package.

The announcement does not set out numerical outcomes such as the WACC rate or revenue figures, so the financial effect of the decision is not quantified in the release.

Next Steps

Aurizon Network intends to promptly submit a revised draft amending access undertaking to the QCA. The revised draft would incorporate the amendments identified in the Final Decision, and the company said the aim is to secure approval of UT5+. No timetable for the resubmission or for the QCA's approval was given.

Why This Could Matter

The term covered by UT5+ would begin on 1 July 2027, so the approval process determines the framework that applies from that date. Aurizon's description of the decision is its own, and the outcome still depends on the QCA's assessment of the revised draft.

Where Things Stand

The Final Decision is in hand, but approval is outstanding. The next development to watch is the submission of the revised draft and the QCA's response to it.