Published: December 17, 2008 - 09:59 AM
It was reported in the Herald Sun today that Victorians are going to be hit with more price rises in the new year.
Commuters will be hit with a 5% fare increase - the highest in 5 years. Car drivers won't avoid the increase with the cost of a CityLink pass rising 10c for cars and 20c for light commercial vehicles.
Wealthier families will also miss out on the baby bonus if they earn over $75,000 if the first six months after the birth or adoption of a child.
The Herald Sun also reported that electricity and gas prices will rise between 5% and 9% in the new year adding $100 to the power bill over the year.
Additionally the Victorian Government is removing the final regulatory electricity price cap on New Years day.
The current regulatory cap that limits the maximum price electricity companies can charge households for their electricity will be abolished on January 1, 2009.
Electricity suppliers are expected to take advantage of the opportunity to increase prices, meaning the average family who are already contending with the post-Christmas financial stress could find they are a further $100 to $200 out of pocket.
Victoria is the first state to remove this final consumer protection and introduce a full price disclosure model.
Energy companies will now be required to publish a range of their offers, with consumers responsible for researching the best deal for their circumstances.
Alison Walter, of consumer price comparison website www.ShopAround.com.au, said, “Whilst the introduction of more price transparency is a welcome development, consumers will have to take action themselves to ensure they get the best energy deal.
“It will now be up to householders to keep the energy companies honest by voting with their feet and taking up the best energy deals that are on the market at any given time. But shopping around can be a time consuming and frustrating process.”
ShopAround.com.au provides a free energy comparison and switching service, whereby residents and small businesses can see in a few minutes just how much money they can save on their electricity and gas bills.
ShopAround.com.au, through Country Energy, are currently offering a fixed price deal whereby consumers can avoid the January price rises altogether and lock in their electricity rates for two years.
Ms Walter said, “Even at today’s prices, you would save $103 per year and the price is set for 2 years.
“So in 2010 you’ll still be paying 2008 rates for your electricity while all your friends and family’s rates have gone up 8-15% per year. That’s a total saving of over $600.
“At the moment there are some great deals on the market where families can make significant savings, and we’ve had users save up to over $200 per year. Small businesses have saved over $1,500 per year.”
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