The Water Pricing Strategy sets out the government's approach to pricing raw water. It provides, in principle, for full cost pricing for non- agriculture water users, including depreciation and a return on assets (ROA). In practice, annual price increases have been capped and hence prices are below full cost for most agricultural water schemes and some schemes dedicated to industrial and domestic supply. The review of this strategy seeks to improve the financial viability of government's bulk raw water business to ensure that this scarce resource is valued by all citizens.