The price of water will jump by at least $1.70 per week for people living in Brisbane under major changes announced by the State Government today.The increase will take effect from July 1 and is to rise further every year for the next 10 years.Authorities say the changes are needed to ensure consumers pay a more realistic amount for their water into the future.The rise equates to an estimated $68 per household extra in the first year, $65 in the second year, $62 in the third year, dropping to $58 in the fourth year and $56 in the fifth year.Similar increases have been slated for other Local Government Areas, but are to be introduced on a different timeline.The new price structure has been set by the government for local councils, which will add their own "retail margin" before billing ratepayers.Senior ministers said at a press conference this afternoon the Queensland Competition Authority would monitor the situation to make sure local authorities did not overcharge. About $34 million has also been set aside for a pensioner rebate scheme that will offer discounts of up to $100 a year.The shake-up follows the introduction of a "bulk water" price - similar to a "wholesale price" for bulk water provided to local authorities - follows the State Government's sweeping changes to South-East Queensland's water infrastructure and its ownership.Local councils, which add a "retail margin" on this bulk water before passing the cost onto households, will be watching Mr Fraser's announcement with interest.Currently in Brisbane a family of five people, meeting the restriction of 140 litres per person each day, pays $444 per year with an access charge of $140 a year.Residential water in Brisbane costs between $1.19 per kilolitre and $1.69 per kilolitre, depending on the volume of water used by the household.Business and commercial users in the Brisbane City Council area now pay $1.29 per kilolitre and $1.74 per kilolitre, depending on the volume of water used by the business.