Tom Elliott has voiced his concerns about upcoming price rises, which will impact Australians this year.

The 3AW Mornings host mentioned how because of natural disasters, insurance costs are expected to rise dramatically this year.

“It is almost certainly going to be more expensive, and not just a bit more expensive, a lot more expensive,” he said.

Press PLAY to hear how much he expects insurance costs to go up by + how much power prices are expected to jump up by

Senior economist at The Australia Institute, Jack Thrower, then shed light on the mechanics of the expected price hikes.

Press PLAY to hear his insight

Images: 3AW, iStock