01
Executive overview
Key findings
A$3.3 billion: net capital expenditure approved for 2024-28 (A$3,602.0 million in SA Water's inflation-adjusted figures)
A$799.9 million: total capital investment in 2024-25 (actual), up from A$702.3 million in 2023-24
A$8,098.8 million: long-term borrowings from the state's financing authority at 30 June 2025
3 × A$600 million: framework agreements signed in September 2024 to deliver the capital programme
02
Buyer relevance
Who the report is for
Civil and water main contractors
Identify the framework partners and the trunk main group holding up to A$700 million of housing work, and plan subcontract approaches before the agreements run out in 2028.
Treatment plant and process equipment suppliers
Follow the regional plant tenders, such as Coober Pedy and Koonibba (both closed 5 May 2026), and the Millicent upgrade's multi-stage process.
Maintenance and field service providers
Prepare during 2027 for the end of Service Stream's Adelaide maintenance contract on 1 July 2028.
Engineering, advisory and technology firms
See the 2026 tenders for owners engineering, probity, identity systems and in-vehicle safety, and the leadership change on 3 December 2026.
03
Decision scope
Questions answered
How much is SA Water spending on capital works?
Net capital expenditure of A$3.3 billion is approved for 2024-28, and capital investment was A$799.9 million in 2024-25, up from A$702.3 million in 2023-24.
Who already holds SA Water's major construction work?
Fulton Hogan Utilities and two joint ventures hold framework agreements valued at A$600 million each, and BMD, Diona and Leed hold up to A$700 million of trunk main work for new housing.
How does SA Water tender?
Through its own Supplier Portal; the Australian Tenders listing showed 12 SA Water tenders issued in the 12 months to 5 November 2026 and none open.
What could change how SA Water buys after 2028?
The regulator has paused the 2028-32 determination, and the state has budgeted A$2 million over two years to plan an SA Gas and Water Trust that would replace SA Water's corporate structure.
04
Inside the report
Inside the complete report
1. The Account at a Glance
2. Organisation and Decision-Making
3. Financial Position
4. Priorities and Pressures
5. How SA Water Buys
6. Opportunity Register
7. Commercial Priorities: Where to Focus First
8. Watch List: What to Monitor and What to Do
Source Register
05
Public preview
What to watch next
SA Gas and Water Trust legislation (2026-27)
Could change SA Water's legal form, procurement rules and contract counterparty.
2028 price-setting process
The regulator has paused SAWRD28; capital allowances after June 2028 are unset.
Eyre Peninsula revised budget and June 2027 first water
The cost increase and new date set the timing of late-stage packages.
2025-26 annual report and audited accounts
Capital spend, borrowings and costs for the second year of the 2024-28 programme.
Inside the brief: the Opportunity Register, showing each SA Water project's procurement status, contractors, supplier categories and route in.
06
Included
What you receive
The complete PDF report: 11 pages, 9 sections, 8 tables and a register of 24 sources.
This edition
November 2026, First edition.
07
Evidence & method
Evidence and method
The brief draws on SA Water's 2024-25 annual and regulatory investment reports, the Auditor-General's audited financial statements, the regulator's 2024 determination, published tender listings, contractor and trade announcements, and state budget, regulator and press sources on 2026 leadership and governance changes.
Sources
24 sources, listed in the report's source register. Evidence current to 5 November 2026. Principal data periods: FY 2024-25 audited results (year ended 30 June 2025); the 2024-28 regulatory period. Project, leadership and procurement status checked against public sources on 5 November 2026. All currency is Australian dollars (A$)..
08
Lead analyst
Robert C. Brears
Founder, Our Future Water Intelligence
Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.
- Decision-focused utility intelligence
- Published water-policy author
- Evidence-grounded system analysis
09
Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
10
SA Water: Utility Account Brief
- Format
- Length
- 11 pages
- Edition
- November 2026, First edition
- Price
- USD 499
11
Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Utility Account Brief
- Edition
- November 2026, First edition
- Format
- Length
- 11 pages
- Reference
- OFW_EXT_SA_WATER_UTILITY_ACCOUNT_BRIEF_956393ee1ffa
- Evidence current to
- 5 November 2026
14
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