It is asking for feedback on the plan to increase average annual homeowner bills by $161 over the next five years, bringing it to just over $1500.

Coliban wants upgrades sooner to avoid water shortfalls later, managing director Damien Wells said on Wednesday.

"We need to change what we are doing. We are being super clear about that," he said.

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The higher charges do not include inflation, which could potentially double price increases to $1.50 a week, based on current inflation estimates.

"There's obviously cost of living pressures that are very front and centre for people at the moment, we get that," Mr Wells said.

The Reserve Bank is predicting inflation will ease down to three per cent over two years but Mr Wells was hesitant to offer concrete predictions in such an uncertain environment.

Coliban would also borrow money to help ease financial pressures on current customers.

Price rises would break with five years of falling charges.

The changes would fund a "whopper" five-year, $435 million spend on upgrades, Mr Wells said.

That would be roughly two thirds as much as Coliban spent over the last five years.

Bendigo's population is expected to surge 30 per cent by 2036 and climate change is "absolutely smashing" a once-reliable water source, Mr Wells said.

Fifty-three per cent less water flowed into the major catchments the city relies on in the 23 years to 2020, according to figures amassed by the Department of Environment, Land, Water and Planning.

That period included the Millennium Drought when Bendigo almost ran out of water, Mr Wells said.

Adding to the challenge is ageing infrastructure.

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Coliban recently replaced a pipe dating back to 1872 and others need to be upgraded to meet modern demands.

Some may be even older.

About two-and-a-half years ago workers in Maldon were called to a burst pipe in Maldon and discovered it had been made out of wood.

"They were wooden pipes built around the Gold Rush era. Our team had understood there were no more wooden pipes left in the network," Mr Wells said.

The old wooden pipes were replaced.

Coliban has constant maintenance works on what today amounts to $2 billion in assets, including its vast network of water and waste pipes.

Mr Wells said the next five years would see a host of catch-up projects that would help Coliban get ahead of problems before they occurred.

The group is eyeing a host of other changes including at its water treatment plants.

That includes at the reclamation plant that operates in Epsom.

That facility is more than 30 years old and is at the end of its useful life, Mr Wells said.

"In fact, it's a bit beyond its design life," he said.

Coliban could also use price rises to help customers needing hardship assistance.

"Our customers have actually said - through this process and others - that they are prepared to see us double our existing budget for supporting people through our Coliban Assist program," Mr Wells said.

People can view and comment on the proposed changes throughout July by visiting connect.coliban.com.au

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