Why Aurizon (ASX:AZJ) Says the Queensland Competition Authority Has Issued a Final Decision on Its UT5+ Access Undertaking

Sonal Goyal

23 October 2026 05:42 PM AEDT

Why Aurizon (ASX:AZJ) Says the Queensland Competition Authority Has Issued a Final Decision on Its UT5+ Access Undertaking

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Key Highlights

The Queensland Competition Authority issued a Final Decision on 22 October 2026 on the 2025 UT5 Draft Amending Access Undertaking, known as UT5+.
According to Aurizon, the QCA has not approved UT5+ in its current form and requires minor modelling and calculation corrections.
Aurizon Network intends to promptly submit a revised draft amending access undertaking incorporating the amendments identified.

Aurizon Holdings Limited (ASX:AZJ) has welcomed a Final Decision from the Queensland Competition Authority (QCA), issued on 22 October 2026, on the 2025 UT5 Draft Amending Access Undertaking, known as UT5+. According to the announcement, the QCA materially supports UT5+, which was negotiated with customers, but has not approved it in its current form.

According to Aurizon, the QCA considers the revisions submitted by Aurizon Network appropriate to approve, subject to correcting minor modelling and calculation changes it has identified. The announcement does not specify what those corrections are, and it does not quantify their effect on Revenue or earnings.

Aurizon describes the decision as providing a clear pathway to approval. Approval depends on the corrections being made and the QCA accepting the revised document.

Elements the QCA supports

Aurizon lists a number of elements of UT5+ that the regulator supports. They include a ten-year term running from 1 July 2027 to 30 June 2037, and the weighted average Cost of Capital methodology. The QCA also supports accelerated depreciation, throughput payments, and Inflation and revenue protection mechanisms. A range of customer and operational improvements is also included in the supported package.

Aurizon Network operates the Central Queensland coal rail network. The announcement does not describe the financial effect of any of these elements, and it contains no financial figures.

Next steps

Aurizon Network intends to promptly submit a revised draft amending access undertaking to the QCA. The revision will incorporate the amendments identified in the Final Decision, with the aim of securing approval of UT5+. The announcement gives no date for the resubmission and no date by which the QCA would be expected to approve the revised document.

Conditions and disclosure

Until a revised undertaking is submitted and approved, the terms of UT5+ remain proposed. The announcement does not publish the QCA's detailed reasons. The proposed term would begin on 1 July 2027.

Aurizon Holdings (ASX:AZJ) said the QCA's support covers the package as negotiated with customers. The announcement was authorised by Company Secretary Nicole Allder and lodged with the ASX on 23 October 2026 Sydney time. It lists James Coe as the investor contact and Paul Cronin as the media contact. The announcement makes no reference to financial guidance.

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