Transport fares 'are overpriced'

Australia’s independent pricing regulator has said that the government’s new public transport fare structure features some ticket price increases that exceed the authorised maximum prices.

James Cox, head of the regulator IPART, criticised the government for failing to consult the body about the price rises, the Daily Telegraph reported.

Mr Cox said that the government’s admission that the MyZone transport structure will result in the government losing $33 million in fare revenue was alarming. He said that IPART would intervene on any price rises that could be brought in to make up for the shortfall.

"If prices exceed the maximum, our response will be to advise the government," he said.

The Daily Telegraph noted that IPART had authorised certain bus and train fare increases late last year which took effect at the start of the calendar year.

A range of rising everyday costs have prompted Aussies to compare savings accounts in search of the best rates for their money. Last month, Michael Cant, executive general manager of retail products at the Commonwealth Bank, advised Aussies to take control of their finances and track spending by creating a personal budget.

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