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What’s changing in Victoria from July 1 includes money for power bills, increased tolls and fines

What’s changing in Victoria from July 1 includes money for power bills, increased tolls and fines

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Victorians waking up to a new financial year will be faced with a host of price increases, as the government launches a new scheme designed to ease cost-of-living pressures.

Australia continues to grapple with inflation, with consumer prices surging 5.1 per cent over the past year.

Mortgage repayments are set to increase as well, with most major banks hiking their variable interest rates by 0.25 per cent yesterday. The Commonwealth Bank of Australia lifted its fixed-rate home loan repayments by 1.4 per cent.

Changes are on the way, nationally, that will affect everything from the minimum wage and superannuation to power bills and Centrelink.

However, in Victoria, the start of the 2022-23 financial year is bringing a host of new or higher costs, along with a new, $250 million electricity comparison scheme.

Here’s what’s changing from today:

You can get $250 just for comparing your power bills

Victorians are now able to access a one-off $250 payment designed to encourage households to compare deals from energy providers.

Households will need to have a recent residential electricity bill, and visit the Victorian Energy Compare website to apply for the payment.

The program has been budgeted at $250 million, with Premier Daniel Andrews hopeful that Victorians use up all of the one million allotted payments.

“This is direct action to take some of the cost-of-living pressures off families in our state,” Mr Andrews said.

The Premier said seven out of 10 Victorians who visit the website save an average of $330 a year on power bills.

Two men install solar panels on the roof of a red-brick and red-roofed cottage
Up to a million Victorian households will be able to access a $250 payment by comparing their energy bills online.(ABC News)

This initiative comes as Victorian Default Offer prices on electricity increase from today.

The offer — set by the Essential Services Commission (ESC) — provides a fair default price to Victorians unable or unwilling to engage in the retail market.

According to the commission, price increases driven by rising wholesale costs will see the average annual bill for both residential and small business default offer customers increase by about 5 per cent.

Council rates are rising across the state

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