Hip pockets will take a hit today
FROM today, the cost of everyday living goes up.
The start of a new financial year brings with it a raft of price hikes with electricity at the top of the pile.
On average, Country Energy customers will pay $183 more for power than they did during the last financial year with $330 overall expected to be added to basic family expenditure.
Residential customers in city and regional areas will pay more for electricity, gas and water, and also face higher registration fees for most on-road vehicles in the new financial year.
On the plus side, home buyers in Australia’s most populous State won’t have to pay stamp duty on new dwellings bought off the plan and worth up to $600,000, businesses will get payroll tax concessions and all taxpayers will get national income tax cuts.
The NSW Independent Pricing and Regulatory Tribunal (IPART) has allowed the electricity rises, saying service providers need to increase investment in infrastructure to improve network security and reliability of supply.
The average household water bill will also increase by seven per cent, including inflation.
Vehicle owners face a new NSW government motor vehicle weight charge of $5 to $30 extra a year for cars weighing more than 975kg.
NSW COSTS ON THE RISE:
Electricity: Hikes of up to 13 per cent for residential customers.
Gas: Households face rises of up to 13 per cent.
Motor Vehicle Weight Levy: Vehicles 975kg and more will cost between $5 and $30 extra a year to register.
Roads and Traffic Authority: Registration fee and fines increase expected.
Ad valorem levy. Properties costing more than $500,000 will attract a duty of up to 0.25 per cent.
New home stamp duty: The levy has been scrapped for properties under $600,000, meaning savings of up to $5,623.
Payroll tax: A roll-back of 20 basis points in two increments over the coming financial year. (From 5.65 per cent to 5.5 per cent by July 1 and to 5.45 per cent by January 1).
FEDERAL TAX CUTS:
The third round of tax cuts in three years will see the average income earner on $65,000 paying about $400 less a year.