Transurban's profits surge as motorists are slugged with toll increases above inflation Transurban's profit multiplied to $92million READ MORE: Immigration hits record high By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 03:11 EDT, 18 August 2023 | Updated: 03:12 EDT, 18 August 2023 e-mail View comments Motorway group Transurban's profits surged fivefold with the results revealed after drivers were slapped with toll increases above the latest inflation rate. The company's full-year profit for 2022-23 soared by 429.9 per cent to $92million, a level five times the $16million profit of 2021-22. Transurban, which owns motorways in Sydney , Melbourne and Brisbane , saw its toll revenue climb by 21.8 per cent to $2.831billion. In its results presentation, Transurban boasted that high inflation in financial year 2023 would continue helping them in financial year 2024. 'Some further benefits of FY23 inflation will continue to flow through FY24 revenue and will compound over time,' it said. While inflation has moderated from high levels, the lag in official data publication means motorists continue to cop sharper price increases in later months. Sydney motorists on July 1 saw their tolls rising by more than the June quarter inflation rate of 0.8 per cent over three months. On the M7 motorway in the city's west, tolls rose by 13 cents to $9.51, a 1.4 per cent increase. Motorway group Transurban's profits surged five-fold with the results revealed after drivers were slapped with toll increases above the latest inflation rate (pictured is an E Tag reader in Melbourne) In its results presentation, Transurban boasted that high inflation in financial year 2023 would continue helping them in financial year 2024 It was a similar story with the North Connex where there was a toll rise of 12 cents, taking it to $9.35. That's because the New South Wales government's Tolling Review, by former Australian Competition and Consumer Commission chief Allan Fels, capped increases at the 1.4 per cent inflation rate for the March quarter. So while the quarterly and annual pace of inflation moderated in the June, the toll increases on July 1 didn't reflect that because the Australian Bureau of Statistics didn't release the June quarter inflation data until July 26. The toll determination was announced on June 30 and Professor Fels had to rely on March quarter inflation data released on April 26. Roads Minister John Graham admitted at the time the toll increases were tough. 'This latest toll price rise arrives at a time when the cost of living continues to bite hard at families and individuals across NSW,' he said. Transurban's results presentation acknowledged tolls were adding to the cost of living crisis, referring to the New South Wales government review. 'The Review has identified congestion, travel-time savings, cost of living impacts and inconsistencies in different tolling arrangements as areas for consideration,' it said. The company's full-year profit for 2022-23 soared to $92million, a level five times the $16million profit of 2021-22 (pictured is a traffic jam at the entrance to Sydney's Eastern Distributor, owned by Transurban) Share or comment on this article: Transurban's profits surge as motorists are slugged with toll increases above inflation e-mail Add comment Comments 0 Share what you think No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. Add your comment Enter your comment By posting your comment you agree to our house rules . Submit Comment Clear Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. No Yes Close Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy .