Yahoo Finance Federal Budget 2024: New $100 passport fee for Aussie travellers ahead of another price hike
There will be a cheaper alternative to forking out $252 for priority processing.
The government has unveiled a new fast-track system that will help Aussies get their passport applications completed faster. There's nothing worse than realising your passport has expired before going on an overseas trip and people have to fork out hundreds of dollars to get a new one in time.
At the moment, eligible people can pay $252 and you'll get your passport in just two days. For those who might not be able to afford that amount but still need their application processed faster than normal, there will be a middle tier available from July.
You'll soon be able to pay $100 and your passport will be sent to you within five business days. But the new savings opportunity comes just ahead of another passport price increase.
Find out how the 2024 Federal Budget will impact you by following Yahoo Finance’s coverage here.
The Albanese government has forecast this new express passport play to generate $27.4 million over the next five years. That money will be redirected to the Department of Foreign Affairs and Trade.
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Who is eligible for the five-day express passport?
The government has not issued any details on people who would be exempt from applying for a five-day fast track. That's good news for the three groups who can not apply for a two-day turnaround.
You can't apply if:
have had two or more passports lost or stolen in the last five years
have had difficulties proving your identity
are applying for a child passport without full parental consent
Not only is that a new window, it's a cheaper one.
Australians warned to apply for new passport ahead of price hike
The Australian passport is already one of the most expensive in the world and the cost recently went up on New Year's Day due to indexation.
But the price of an Australian 10-year adult passport is set to increase again on July 1 by 15 per cent from $325 to $373.75 — a rise of almost $50.
Aussies have been urged to be proactive if their passport is expiring soon and they want to avoid spending more.
"If you’re planning to go on an international trip within the next 12 months and your passport is up for renewal, it’s best to get a new one before July 1 so you can avoid the extra fee," Finder's travel expert Gary Ross Hunter told Yahoo Finance.
It comes as airfares in and out of Australia are expected to finally fall after their COVID-era peaks.
“We’re starting to see that return of so many airlines. That went away during Covid,” Australia Tourism and Transport Forum chief executive Margy Osmond revealed on the Today programme.
“So yes, you’re going to see more of these prices coming down as there are more seats and more capacity. Across the board, you’re probably looking at something like 13 per cent decrease in fares. I think there’ll be spots in the market where you see a much bigger decrease than that.”
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