Prepare your wallets: Here are several changes in the new financial year

As the calendar flips to July, Australians expect a mix of financial shifts that could impact their daily lives and long-term savings.

From tax cuts to energy bill adjustments and even the cost of staying connected via the internet, the new financial year brings with it a raft of changes.

Here is a comprehensive guide on what to expect and how to prepare for the changes coming in for the next financial year.


Tax time tweaks

The much-anticipated stage 3 tax cuts are rolling out, and it promises to leave more pocket money each payday.

Unlike one-off tax rebates, these cuts could reduce the amount of tax withheld from your salary, effectively boosting take-home pay.

This could mean extra money for weekly shops, medical expenses, or even spoiling the grandkids.


compressed-tax time.jpeg
The much-anticipated stage 3 tax cuts will take effect today, 1 July. Image Credit: Shutterstock/Roman R


Minimum wage boosts

For those still in the workforce, including seniors who work part-time, the minimum wage is on the rise.

A 3.75 per cent increase translates to an additional $33 per week for full-time workers, which could ease the pinch of rising living costs for many.


Enhanced paid parental leaves

For new grandparents supporting their children through parenthood, paid parental leaves are extended by two weeks, up to a total of 22.

This increment will benefit new parents and provide additional support to extended families often involved in child-rearing.

Superannuation guarantee uplift

In a move that will benefit retirement nest eggs, the superannuation guarantee will increase from 11 to 11.5 per cent.

This mandatory contribution from employers to your super fund means you'll be saving more for retirement without extra work.

Energy bill relief and price adjustments

The government's $300 energy bill relief will manifest as quarterly rebates of $75, automatically applied to bills.

Additionally, most Australians will see a decrease in energy bills due to new default market offers.

However, South-East Queensland residents could face a slight increase.


Rent assistance and welfare payment increases

To alleviate the housing affordability crisis, Commonwealth Rent Assistance will increase by 10 per cent.

This is a significant boost for those renting in the private market.

Furthermore, a range of welfare payments, including pensions, will see an increase through quarterly indexation, which could provide relief against inflation.

Engineered stone ban and housing targets

For those planning some home renovations, engineered stones have been banned after health risks due to crystalline silica.

The government's housing targets are now aiming to address the housing crisis by boosting the supply of new homes, eventually leading to more affordable housing.

Navigating NBN price changes

On the less positive side, wholesale NBN price increases could mean many will face internet bill increases.

While some plans may decrease in price, review your current plan and consider shopping around for alternatives.

You can also negotiate with your current provider to ensure you're getting the best deal.


Passport price hike

For those planning overseas trips, passport fees are increasing.

A 10-year adult passport now costs $398.

A new fast-track fee was also introduced for expedited processing, which is handy for last-minute travel plans.

As we navigate these changes, it's crucial to stay informed and adjust your budget accordingly.

Whether it's a slight increase in your internet bill or a welcome tax cut, preparing will help you make the most of your finances in the new financial year.

Remember, if you need clarification on how these changes affect you or need advice on managing your finances, feel free to seek professional guidance.
Key Takeaways

  • Stage 3 tax cuts have come into effect, which means working Australians will take home more of their salary every payday thanks to income tax reductions.
  • The minimum wage also increased by 3.75 per cent, giving a pay rise to Aussies.
  • A variety of welfare payments will increase due to quarterly indexation, including the Commonwealth Rent Assistance, which rose by 10 per cent.
  • There will be a $300 rebate for household energy bills to help counter the cost of living. However, NBN prices and passport fees also increased.
Are you prepared for the changes in the new financial year? Share your thoughts and money-saving strategies with us in the comments below.
 
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well i hope you say no to your govt handouts TAX CUTS AND WHATEVER YOU GET FROM THIS CORRECT GOVT
WHY DONT YOU GET OFF YOUR HIGH HORSE AND DONATE WHAT EVER YOU EARN ABOVE AND BEYOND THE PENSION RATE TO ANYONE WHO IS WORSE OFF
L WOULD BET YOU HAVE BEEN GIVEN A GOOD LIFE
SO CHANGE THAT AND JOIN THE ARMED FORCES AND OFFER YOUR LIFE UP SO THE GOVT CAN SHIT ON YOU TOO YOU SPOILED BRAT
Wow, such aggression. Seems I've hit a nerve of one of the moaners. You are obviously an angry and bitter person and feel hard done by by society for some reason. I'd normally say that your glass is half empty, but I think in your case it's cracked and has no contents. Just pathetic. You must be a barrel of laughs at dinner parties.
 
And here come the excuses. I knew there'd be a few. If you think you can or you think you can't, either way you are correct in your outlook. The best way to get started is to sell on consignment from these opp shops. NO financial outlay. All you need is your phone camera and you're good to go. You say people haven't got time. Yes I suppose it would cut into their hectic day. Just depends on where their priorities lie. Probably rather sit around watching "Days of Our Lives". Fair enough. These are the people that expect everything handed to them. Sad society really. Still, we all get out of life what we put in.
I say good luck to the polys and their pay rises. We are so lucky to have a stable political environment.
You’re either more fortunate than most, or delusional….
 
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Could you get some advice before selling your home? Maybe see if you could afford to buy a unit in a different area. You're better off owning a home, which of course you know. I hope it all works out for you.
it actually IS $76 a week if you count the tax cuts and pay increase AND $152 if 2 people work and live together
PENSIONERS NOTHING
 
Wow, such aggression. Seems I've hit a nerve of one of the moaners. You are obviously an angry and bitter person and feel hard done by by society for some reason. I'd normally say that your glass is half empty, but I think in your case it's cracked and has no contents. Just pathetic. You must be a barrel of laughs at dinner parties.
well i do not have to listen to you as far as i know what have you done for this country
my generation not only involved in world war 2
US so called bitter people built this country and served this country and we paid for a retirement fund which this country took the funds and closed it down YOU WITH YOUR BIG OPINION I BET HAVE NOT DONE NOTHING FOR ANYONE BUT YOURSELF
TELL EVERYONE WHAT YOU HAVE DONE TO HAVE AN OPINION ABOUT ANYTHING YOU KNOW NOTHIING ABOUT
DO U STILL LIVE WITH MUMMY
IS YOUR MUMMY STILL WORKINGOR OR YOUR DADDY BECAUSE YOU SOUND LIKE A SPOILED BRAT GIVE US SOME FACTS WHY THE ELDERLY SHOULD BE TREATED LIKE A PERSON WITH A USE BY DATE
LET US KNOW WHAT YOU DO FOR A LIVING WHERE U CAN CRITISIZE ANYONE AT MY AGE EVEN HAVING A DRINK IS ALMOST IMPOSSSIBLE
WE PENSIONERS NEVER HAD FREEBIES LIKE PEOPLE NOWADAYS AND AS I AND LOTS OF OTHERS HAVE WORKED OVER 60 YEARS AND FOUGHT FOR MANY THINGS LIKE THE 38 HOUR WEEK AND HOLIDAY PAY AND MUCH MORE
WHAT HAVE YOU OR YOUR PARENTS DONE FOR THIS COUNTRY
I THINK NOTHING
 
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100% correct…THERE IS ABSOLUTELY NOTHING HERE FOR PENSIONERS…IN FACT ON TOP OF THE $76 PER WEEK WORSE OFF..LWE HAVE LOST $200 A YEAR FOR OUR ENERGY RELIF PAYMENTS NOW DOWN TO $300 instead of $500 per year..AND LETS NOT FORGET THE 3% PAYRISE FOR A POLITICIAN ( if on $300,000 a yearISNT THIS A PAY RISE OF $9000 for them?…….i see increases for low income earners of $36 per week
Isee tax relief of $40 a week for everyone that works
THAT EQUALS $76 A WEEK FOR LOW INCOME EARNERS A
I SEE PENSIONERS WHO WORKED AND EXSERVICEMEN AND THS DISABLED AND THEIR CARERS GET NOTHING AGAIN EXCEPT MORE FINANCIAL HARDSHIP AND DISRESPECT
THIS GOVT AND THE LAST GOVT SHOULD BE ASHAMED
 
Wow, such aggression. Seems I've hit a nerve of one of the moaners. You are obviously an angry and bitter person and feel hard done by by society for some reason. I'd normally say that your glass is half empty, but I think in your case it's cracked and has no contents. Just pathetic. You must be a barrel of laughs at dinner parties.
ARE U SAYING THE ELDERLY DO NOT HAVE THE RIGHT TO COMPLAIN
THESE HANDOUTS ARE JUST A FARCE TO COVER UP WHAT IS COMING
DO YOU THINK THIS GOVT GIVES OUT HANDOUTS LIKE TAX CUTS AND WORKER BENEFITS WITHOUT A PLAN TO GET THESE BENEFITS BACK
THEY HAVE ALREADY STARTED BY WATER RATES GOING UP INTERNET GOING UP PHONE PLANS GOING UP
BUT WAIT THERE WILL BE MORE
in another 30 years or so when people start to retire will centrelink still be around or do you live on your super u should have earned
single parents and those permanent dole bludgers will be in for a shock
why do you think super became a permanent feature to peoples income
IN FACT I WAS A BARREL OF LAUGHS BUT NOW YOU ARE RIGHT I AM A BITTER PERSON WHO IS NOW NOT LIVING
I AM JUST SURVIVING WAITING TO DIE JUST WHAT THIS GOVT WANTS AND YOUR TIME WILL COME AS WELL
 
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Smells like Albosleezy and his band of gypsies trying to appease people and garner votes. TOO LATE Albo! You screwed up and you're OUT next elections!
 
I receive the paltry amount of $153.50 per fortnight for caring for my husband. It would cost the government a darn sight more if he was put into care. I receive a Carer's Allowance not a Carer's Pension.
When I first started caring for my hubby I was working full time, up to 60 hours a week. The rest of my time was taken up with hubby and his daily needs. I worked hard to make sure everything was taken care of. I received $12.30 allowance a fortnight for the care of my darling man. The money didn't matter at that time, because I cared more about the quality of life than the dollars. In the end it helped that I was on the system.
When I retired, I did my homework and found that I was much better off going on a carers pension instead of going on the aged pension with hubby. The difference was that the carer pension is the same as the aged pension for one person. If I opted for the aged pension with the $153.50 added, I was still behind in dollars. The married pension is ridiculously less than 2 single pensions. I suppose when you are married, you must have to eat less, use less power, petrol, get cheaper rates and water. The logic is outstandingly ridiculous.
So friends, if you are in the same position as rehandra and get to the point of changing to a full pension, look at the fine print first.
 
And here come the excuses. I knew there'd be a few. If you think you can or you think you can't, either way you are correct in your outlook. The best way to get started is to sell on consignment from these opp shops. NO financial outlay. All you need is your phone camera and you're good to go. You say people haven't got time. Yes I suppose it would cut into their hectic day. Just depends on where their priorities lie. Probably rather sit around watching "Days of Our Lives". Fair enough. These are the people that expect everything handed to them. Sad society really. Still, we all get out of life what we put in.
I say good luck to the polys and their pay rises. We are so lucky to have a stable political environment.
Stable political environment...... I must be living in another planet
 
rent assistance up 10% then rent up 10%
That's the way it goes..... but not up 10% but 15% - 20%'
My last increase was 21%..... if it goes up 21% again I will not be a boat without a paddle I will be homeless.....
 
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YES THE ALBANESE GOVT ARE BUYING VOTES AND WETHER HE GETS IN OR NOT I WOULD BET THAT THE NEXT GOVT WILL RAISE TAXES FOR THE LOWER AND MIDDLE CLASSES AS WELL AS INCREASING EVERYTHING THEY CAN TO RETRIEVE THE MONEY THEY HAVE GIVEN EVERYONE EXEPT PENSIONERS AS THEY CANNOT TAKE WHAT THEY HAVE NOT GIVEN
THAT MEANS EVERYONE ESPECIALLY THE CENTRELINK PATRONS WILL BE EVEN WORSE OFF THAN THEY ARE NOW AS THEY WILL GET THE SAME INCREASES WITH NOTHING TO FALL BACK ON
AS FAR ASSELLING THINGS I HAVE DONE THAT ALREADY AND GOT A SECOND MORTGAGE
AND LETS NOT FORGET NOT EVERYONE OWNS THEIR HOUSE AND YET PAY THOUSANDS IN COUNCIL RATES THAT THE UNEMPLOYED AND MOST SINGLE PARENTS DO NOT AND WATER RATES
ANYONE WANT TO TAKE BETS I AM WRONG
I COULD USE THE MONEY
 
What about the rises in pay for pollies and others high up in government? They didn't have to beg for their pay rises just given to them without thinking about it. The rest of us just grin and bare it.
What about the rises in pay for pollies and others high up in government? They didn't have to beg for their pay rises just given to them without thinking about it. The rest of us just grin and bare it.
The taxpayer can't award themselves a pay rise when ever they like, their employers wouldn't stand for it. We are the MP's employers, shouldn't we be the ones saying if and when they get a pay rise, plus all their add on perks - e.g. first class overseas travel and life long pensions etc - even if they have only served one term?
 
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well i do not have to listen to you as far as i know what have you done for this country
my generation not only involved in world war 2
US so called bitter people built this country and served this country and we paid for a retirement fund which this country took the funds and closed it down YOU WITH YOUR BIG OPINION I BET HAVE NOT DONE NOTHING FOR ANYONE BUT YOURSELF
TELL EVERYONE WHAT YOU HAVE DONE TO HAVE AN OPINION ABOUT ANYTHING YOU KNOW NOTHIING ABOUT
DO U STILL LIVE WITH MUMMY
IS YOUR MUMMY STILL WORKINGOR OR YOUR DADDY BECAUSE YOU SOUND LIKE A SPOILED BRAT GIVE US SOME FACTS WHY THE ELDERLY SHOULD BE TREATED LIKE A PERSON WITH A USE BY DATE
LET US KNOW WHAT YOU DO FOR A LIVING WHERE U CAN CRITISIZE ANYONE AT MY AGE EVEN HAVING A DRINK IS ALMOST IMPOSSSIBLE
WE PENSIONERS NEVER HAD FREEBIES LIKE PEOPLE NOWADAYS AND AS I AND LOTS OF OTHERS HAVE WORKED OVER 60 YEARS AND FOUGHT FOR MANY THINGS LIKE THE 38 HOUR WEEK AND HOLIDAY PAY AND MUCH MORE
WHAT HAVE YOU OR YOUR PARENTS DONE FOR THIS COUNTRY
I THINK NOTHING
Wow, and double wow. You certainly need an overdose of anger management therapy. Good luck on your journey old fella.
 
ARE U SAYING THE ELDERLY DO NOT HAVE THE RIGHT TO COMPLAIN
THESE HANDOUTS ARE JUST A FARCE TO COVER UP WHAT IS COMING
DO YOU THINK THIS GOVT GIVES OUT HANDOUTS LIKE TAX CUTS AND WORKER BENEFITS WITHOUT A PLAN TO GET THESE BENEFITS BACK
THEY HAVE ALREADY STARTED BY WATER RATES GOING UP INTERNET GOING UP PHONE PLANS GOING UP
BUT WAIT THERE WILL BE MORE
in another 30 years or so when people start to retire will centrelink still be around or do you live on your super u should have earned
single parents and those permanent dole bludgers will be in for a shock
why do you think super became a permanent feature to peoples income
IN FACT I WAS A BARREL OF LAUGHS BUT NOW YOU ARE RIGHT I AM A BITTER PERSON WHO IS NOW NOT LIVING
I AM JUST SURVIVING WAITING TO DIE JUST WHAT THIS GOVT WANTS AND YOUR TIME WILL COME AS WELL
Complaining is certainly not going to change the system. All it does is fill your head with negativity and bitterness. As in your case. Don't dwell on all the crap out there, look at all the good stuff in this world. It will make you a better, happier person that can enjoy life. No one wants to be around a misery guts.
Look up the author Maxwell Maltz. He could just change your life for the better.
Good luck on your journey.
 

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Tax cuts are much harder to verify than the past 2 assistance tax refunds which we saw go into our bank accounts, making it hard to trust what they're "giving" us & i daresay for someone under the tax free threshold or very low income mean nothing!

Super guarentee, how does this effect casual employees?

$300 energy bill only for Concession card holders, not those who earn only a fraction too much to get a card??

And NBN hike is devastating as I'll most likely have to disconnect as my wifi/nbn is already a luxury in my budget without another price increase! Aussie only recently increased & I'm already on cheapest plan I'm led to believe...

Not really anything here in this article for me (63yo earning around $5-600 per week & no concession card), to get excited about, can't wait til I'm 67yo & elligible for a pension & concession card! :(

Hopefully helpful for others here!
Good news !!! the $300 electricity rebate is for ALL from concession card holder to millionaire so you will get it.
 
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I know a person who came home from a long holiday only to discover that their home now had been connected to NBN. It was also attached to a fascia that needed to be replaced.
 

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