Consumer watchdog ACCC approves Australia Post stamp price hike
The price of Australia Post stamps will be hiked next month following approval from the country's consumer watchdog.
A stamp for a basic small letter will increase from $1.50 to $1.70, which the Australian Competition and Consumer Commission says is still less than in comparable countries.
Across the board, prices are going up a little over 13 per cent.
'We are especially mindful of the impact price changes can have on vulnerable Australians and so our decision paper recommends that Australia Post increases the number of concession stamps per customer, which is currently capped at 50 per year,' ACCC commissioner Anna Brakey said.
'We understand that these price increases will mean extra costs for consumers,' she said.
However, Australia Post loses money running the national letter service, Ms Brakey said.
Following the ACCC's approval, announced Monday, Communications Minister Anika Wells can still reject the price increase.
NewsWire has contacted the Minister's office for comment.
Fewer and fewer Australians send and receive letters.
In submissions made to the ACCC, Australia Post says each household receives only two letters each week.
But the ACCC wants Australia Post to work out ways to make letters cheaper for businesses that are required to send them.
'As there are many businesses in Australia that still rely on sending letters, it is crucial that Australia Post has a transparent dialogue with these customers so they are aware of potential pricing changes well ahead of time,' Ms Brakey said.
'While Australia Post has been working constructively with the ACCC on these recommendations, in most instances, we expect full implementation to be reached, so that we can conduct rigorous cost-based assessments going forward,' Ms Brakey said.
The average price of a single postage stamp in OECD countries is $1.93.
From next month, large letters up to 125g will increase from $3.00 to $3.40.
Ordinary large letters between 125g and 250g are going up from $4.50 to $5.10.
Concession stamps will remain $3 for five stamps, and seasonal greeting cards are staying at 65c.
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