The cost of living is set to soar even higher as the new financial year also brings higher prices for everyday expenses.
Research from Finder found the top bill stressors for Australians were groceries (34 per cent), petrol (29 per cent), rent/mortgage payments (28 per cent) and energy (28 per cent).
And these expenses are set to keep climbing.
“Many Aussies are doing it tough already – rising bills will be a bitter pill to swallow,” Finder senior editor of money Sarah Megginson said.
“While households have many unavoidable ongoing expenses, by investing a couple of hours of time comparing your products and providers, you could save hundreds or even thousands of dollars each year.”
So, here’s a breakdown of what you can expect.
Interest rates are expected to keep rising, reaching around 2 to 2.5 per cent by next year.
A 2 per cent increase on the current cash rate for the average borrower would cost a staggering $8,683 more each year, or $724 per month.
“Check your interest rate and see if you can find a better deal than what you’re currently paying.”
Default market offer (DMO) prices increased by as much as 18.3 per cent in New South Wales, 12.6 per cent in South-East Queensland, and 9.5 per cent in South Australia, Finder research found.
This could raise the average quarterly energy bill in New South Wales by as much as $63, equivalent to $252 per year.
In Queensland and South Australia, the potential average increases could be as high as $36 and $34 per quarter, or $144 and $136 per year, respectively.
Mobile phone plans
Telstra’s mobile plans will be increasing by up to $4 a month – costing customers up to an extra $48 a year.
From August, Optus will start charging customers to access Optus Sport, which has until now been free on all postpaid plans.
Eligible Optus customers will need to pay an extra $6.99 per month, or $83.33 per year. For everyone else, the price will be $24.99 per month or $199 per year.
“Our research shows the average Aussies spends $50 a month on their phone plan and there really is no need,” Megginson said.
“If you think you are paying too much, you are probably right.”
Health insurance premiums increased by an average of 2.7 per cent in April. However, many major insurers have delayed price increases until September or October.
In January 2022, the average monthly health insurance premium for a single person cost $167, including $99 for basic hospital cover and $68 for extras cover, equivalent to $1,998 per year.
This means the average single policyholder could see their premiums increase by $54 per year, the Finder research showed.
Opal fares for public transport in NSW increased by an average of 3 per cent.
The hike will cost commuters on average as much as $6.40 to $12.80 extra per month on certain routes.
Road tolls in Sydney also went up by 2 per cent on July 1.
That will cost commuters on average as much as $2.40 to $7.60 per month on certain routes for passenger vehicles, and as much as $5.20 to $22 per month for heavy vehicles.