Brace yourself: Energy, internet and insurance price rises are coming
In this world, nothing is certain except death and taxes – and price rises.
Australians have been warned to brace for heftier household bills due to begin next month – or, in some instances, have already begun.
Although inflation has been steadily slowing since its peak in December 2022, pushed up by COVID-induced global supply chain knots and Russia's war on Ukraine, consumers will have to fork out more for essential expenses such as electricity, phone and internet bills, with energy and telco giants signalling price rises to begin on July 1.
'The financial year definitely aligns with significant price changes, but for different reasons,' said Finder personal finance spokesperson Sarah Megginson.
'For many businesses, the end of the financial year is a time to finalise their budgets, review their operational costs from the previous year, and forecast for the next 12 months. If their costs have increased, there's a good chance they're going to pass those increased costs on to customers.'
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But retail industry consultant Trent Rigby said price rises were becoming less tied to these points of the year.
'I think previously, with customers, it was ingrained in their minds that it was a new year, or a new financial year, so it was probably easier to get that price rise through,' said Rigby.
'One thing we've noticed working with retailers is there's no methodology behind it. We're just seeing price rises throughout the year.'
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