What you’ll pay more for in 2023

The new year is almost upon us and 2023 will bring a raft of price hikes — including one that could sting a lot of motorists.

Victorians are facing New Year hip-pocket blows with energy bills, road tolls, passports and even the cost of the humble stamp being hiked.

The price pain comes as homeowners stare down further interest rate rises and inflationary pressures, which have hammered family budgets over the past year.

But there are some January savings on the way, with the federal government’s pledge to slash the price of prescriptions by $12 coming into effect.

A million people receiving youth allowance will also receive a cash boost after the payments were hiked by 6.1 per cent – the largest annual increase since its inception that will cost about $14m a fortnight or $365m a year.

The prices of some medicines will drop.

Other January cost of living changes include a 10 per cent discount on upfront HECS payments being scrapped, which will increase fees for those who can afford to pay upfront.

At the same time, however, about 55,000 fee-free TAFE places will open.

One of the biggest headaches for families in 2023 will be soaring energy bills, with retailers lifting basic gas deals by between 16 and 38 per cent from January 1.

Social services group Vinnies estimates that would cost about $500 a year, on average.

Market deals, which most Victorians are on, will rise when annual contracts wind up.

Vinnies policy manager Gavin Dufty said many households have had the squeeze put on them over the last 6 months with food, petrol, mortgages, credit card, rent and health costs up.

“As we move into late January, people will be faced with back to school costs, potentially further, interest rate rises and housing cost increases,” he said.

“Changes in energy prices will also start to roll through, pushing some over the edge to financial distress.”

Smaller hip pocket expenses being hiked include toll road fees.

A Tulla Pass will increase from $7.38 to $7.46, while a daily CityLink pass will cost $20.96 – up from $20.75.

Adult passports are facing a $17 fee hike, with a 10-year passport for people aged over 16 rising from $308 to $325.

EastLink tolls will not rise for another six months, after increasing by 3.5 per cent in line with inflation on July 1 2022.

People in regional Victoria will also have to wait until March 31 for Daniel Andrews’ promise to cap daily travel on V/Line services to $9.20 for a full fare and $4.60 for a concession.

But when it comes in it will be a big drop – someone travelling between Geelong and Melbourne can be slugged up to $27.60 for a round trip while the commute from Bendigo is even higher at up to $68.80.

Meanwhile adult passports are facing a $17 fee hike, while a 10-year passport for people aged over 16 is rising from $308 to $325.

And while letters are becoming less and less common, from January 3, the cost of a stamp will rise from $1.10 to $1.20 for a standard envelope. There will be no change to the price of concessional stamps.