Last week we heard that Australia Post swung from swung from profit to loss for the financial year, because of higher losses from its letters business.
Now Australia Post has asked the Australian Competition and Consumer Commission if it can raise the Basic Postage Rate from $1.20 to $1.50 from January 2024.
The postal service says the proposed increase will help address the rising cost of delivering letters and reduce losses.
"Australia Post reported a $384.1 million loss in its letters business over 2023, and estimates the cost of meeting its community service obligations of $442 million.
Australia Post has not proposed a change to the $0.60 price of concession stamps or the $0.65 price of seasonal greetings stamps.
The prices of these stamps have not changed since they were launched nearly 10 years ago.
Australia’s domestic stamp rate continues to be one of the lowest in the OECD and has increased by just $0.20 in the past seven years.
The average household sends around 15 letters a year and, if implemented, the proposed increase would cost about $4.50 extra a year."
Australia Post wants to reduce the frequency of daily letter deliveries and close some metro post offices to save money as the Federal Government consults on the future of the postal service.
Chief executive Paul Graham says Australia Post is committed to keeping its letters business, but says this is only possible if the business is financially sustainable.
“We’ve made a number of changes in the past year to improve and simplify our business but, as we are entirely self-funded and receive no ongoing government funding, we need to ensure we reduce losses in our letters business.
“We’re committed to maintaining the letters service for communities across Australia and increasing the Basic Postage Rate will help us continue to deliver for all Australians."
https://news.google.com/rss/articles/CBMiW2h0dHBzOi8vd3d3LmFiYy5uZXQuYXUvbmV3cy8yMDIzLTA5LTA1L2FzeC1tYXJrZXRzLWJ1c2luZXNzLWxpdmUtbmV3cy1zZXB0MDUtMjAyMy8xMDI4MTQyNDDSAShodHRwczovL2FtcC5hYmMubmV0LmF1L2FydGljbGUvMTAyODE0MjQw?oc=5
2023-09-05 03:56:15Z
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