Victorians waking up to a new fiscal year will face a series of price hikes as the government launches a new scheme designed to ease pressures on the cost of living.
Australia continues to struggle with inflation, with a 5.1% rise in consumer prices over the past year.
Mortgage repayments will also rise, and most major banks yesterday raised their variable interest rates by 0.25%. The Commonwealth Bank of Australia raised payments on fixed-rate housing loans by 1.4%.
There are changes along the way, nationwide, that will affect everything from the minimum wage and pensions to electricity and Centrelink bills.
However, in Victoria, the start of fiscal year 2022-23 entails a number of new or higher costs, along with a new $ 250 million electricity comparison scheme.
Here’s what changes from today:
You can get $ 250 just to compare your electricity bills
Victorians can now access a one-time payment of $ 250 designed to encourage households to compare offers from energy suppliers.
Homes will need to have a recent residential electricity bill and visit the Victorian Energy Compare website to request payment.
The program has been budgeted at $ 250 million, with Prime Minister Daniel Andrews hoping Victorians will take advantage of all of the one million payments allocated.
“This is a direct action to remove some of the cost of living pressures on families in our state,” Andrews said.
The prime minister said seven out of 10 Victorians visiting the website save an average of $ 330 a year on electricity bills.
Up to one million Victorian homes will be able to access a $ 250 payment by comparing their energy bills online. (ABC News)
This initiative comes as Victorian’s default bid prices rise starting today.
The offer, set by the Essential Services Commission (ESC), offers a fair pre-determined price to Victorians who cannot or do not want to participate in the retail market.
According to the commission, price increases driven by rising wholesale costs will cause the average annual bill for customers of both residential and small business default offers to increase by 5 percent.
Board rates are rising statewide
Victoria’s municipal rates will increase by 1.75% starting today.
Local Government Minister Shaun Leane announced a 1.75 per cent limit on rate hikes in January.
The ESC said no council in Victoria has asked to raise its rates above the limit in 2022-23.
This rate increase represents an additional 0.25 percent increase compared to the 1.5 percent rate increase in fiscal year 2021-22.
Residents should keep in mind that rate limits apply to the average rate in each municipality, with different individual rate bills due to factors such as the value and classification of the property.
Water bills will be more expensive
Victorians will now pay more for water, and regional residents will be the hardest hit.
Residents living in metropolitan areas can expect an increase of about 1 percent, or $ 10, from their annual bill.
Regional Victorians will face an average 4%, or $ 45, increase in their water bills.
Price increases will be smaller in Melbourne compared to the Victoria region, in part due to lower desalination water demand. (Unsplash: Luis Tosta)
ESC price monitoring executive director Marcus Crudden said the increases came as part of long-term planning.
“These price hikes were part of decisions made a few years ago,” Curdden said.
“But current price increases are lower than the current rate of inflation, and water bills have been generally flat or even dropped in recent years.”
Mr Crudden said regional water authorities were passing on the costs associated with serving fewer customers in a larger area.
Residents of Shepparton served by Goulburn Valley Water will have the smallest increase, at $ 16 a year, while residents served by South Gippsland Water will make the largest increase, having to pay an additional $ 64.
Highways will cost you more, and so will fines
Drivers using the CityLink will see tolls increase by just over 1% from tomorrow.
CityLink tolls are expected to increase every quarter from now until June 2029 by the same amount, equivalent to 4.25 percent annually.
Meanwhile, the average cost of a trip to the EastLink will increase by 2.7 percent.
The EastLink toll increase will be maintained until June 30, 2023.
It occurs when fuel prices exceed the $ 2-per-liter mark nationwide, with a reduction in the government excise tax that will expire in September.
Drivers can expect to pay more on Melbourne’s motorways starting today. (ABC News: Billy Draper)
Fines in Victoria will also cost more after a planned increase from July 1.
The values of both commission units and penalties will increase by about 1.72 percent.
Starting today, the value of a fee unit will be $ 15.29, while the value of a penalty unit will increase to $ 184.92.
Posted 17 hours ago 17 hours ago Thu, June 30, 2022 at 8:56 PM, updated 15 hours, 15 hours ago, Thu, June 30, 2022 at 11:38 PM