The Independent Water Commission should determine new measures to regulate the accumulation and management of debt in the water sector. These measures should allow the economic regulator to intervene when irresponsible debt management is taking place. Any new powers should be tempered by a realistic and consistent understanding of what sustainable debt levels look like. The Commission’s work should help government, water companies and citizens come to an understanding about the most appropriate uses of debt, such as primarily for major new projects, infrastructure and upgrades that could cause surges to customer bills. (Recommendation, Paragraph 26)