We study the application of wavelet packet filterbanks to low bit-rate transparent audio coding, taking the audio coders' delay requirements into account, and propose low-delay coders based on wavelet packet filterbanks. We first develop a method of comparison between filterbanks for perceptual audio coding by estimating the necessary bit-rate for a transparent compression. We use this comparison method in order to select the best filters for our audio compression scheme, from a large set of orthogonal and biorthogonal wavelets. Different wavelet filters may be used at different stages of the tree-structured decomposition with a constraint on the overall delay taken into account. The optimization is carried out with a simulated annealing procedure, proposing two wavelet packet filterbanks, exhibiting average and low delays. They are inserted in a complete audio coder that employs vector quantization and considers psychoacoustic models. The use of the proposed filterbanks leads to the design of a new bit allocation procedure, taking into account the lack of selectivity of the equivalent synthesis filters in a wavelet packet filterbank. The resulting audio scheme is validated through listening tests. The wavelet packet filterbanks are shown to be a promising tool for audio coding, especially for low-delay coding: with average delay, the quality of the wavelet packet filterbanks is as good as with MPEG-1 Layer-2, both with 80 kb/s, and when reducing the delay to 200 samples, 96 kb/s are needed to achieve the same quality.