Australia Post has announced a $200 million pre-tax loss for the 2022/23 financial year. While parcel revenue grew compared to the previous year, letter volumes fell by 7.8%.
In its media release, Australia Post noted that over-the-counter transactions have declined 20.9 per cent since FY19.
Australia Post is proposing to increase the price of delivering reserved ordinary small letters from $1.20 to $1.50, ordinary large letters up to 125g from $2.40 to $3 and ordinary large letters between 125g and 250g from $3.60 to $4.50.
Australia Post is not proposing to increase the price of concession stamps (60c) or stamps for seasonal greeting cards (65c).
The ACCC will assess Australia Post's proposal, taking into account any submissions it receives during the current consultation period.
In addition to the ACCC's assessment, Australia Post must also give written notice of the proposed price increase to the Minister for Communications. It can only increase the basic postage rate if the Minister does not disapprove the proposal within 30 days.
The price increase is proposed to take effect from January 2024.