Start the New Year right with these must-know financial changes that will impact your budget

As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


SDC 2.png
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways
  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
 
Sponsored
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
Western Australia??
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
What about Tasmania, we are still here you know
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
Why does abstudy increase by twice the amount of austudy, don't these abs get enough off us....
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
Once again just about everyone except pensioners with no savings no super no investments and no house. Pensioners with even got rate rebates but nothing for those with nothing.
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
Typical Victoria!
Already the State with highest taxes and all we get is bans on products and more taxes.
Temporary, what utter rubbish. Will never be removed!
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
I am not sure why there is a difference in the fortnightly rate between Austudy and ABSTUDY when they are both for students studying
 
Western Australia??
Looks as though ours stay the same. I'm not sure about other states, but I have lived in SA, and we receive much better concessions here in WA.
I don't know about now, but when I lived there they only got the cost of living allowance, the one we get through Seniors. They had no concessions on rates, water, etc.
Also if you live in the country in WA you get a $575 a year fuel, which can also be used for cabs if you don't drive. I think we do pretty well here in good old WA.
 
Nope they included us with the increase in the number of scripts needing to be filled before we get our freebies. At least I think that’s what it says. We apparently don’t need any monetary rises because we are living the high life, evidently?!
Why do people keep forgetting age pensions rise in March and September.
Different payments rise at different times of the year, our next aged pension rise will be March.
 
As we welcome the New Year, it's important to be aware of the financial changes that could impact your wallet.

On January 1, 2024, several price increases began to take effect, impacting everything from preschool fees to Medicare.

However, it's not all doom and gloom, as some support payments will also increase, and new rebates will take effect.

Here's a comprehensive rundown of what to expect.



Centrelink Payments

In line with inflation, some support payments will see a 6 per cent increase from January 1.

This means a little extra cash for those who need it most.

Youth Allowance and Austudy will increase by $45.60 a fortnight, ABSTUDY by $86 a fortnight with supplementary payment increases, disability support pension for under 21s by $44.90 a fortnight and Carers Allowance by $8.70.


View attachment 38526
Some financial changes took effect on January 1. Image source: Drazen Zigic on Freepik.


Medicare

Medicare safety net thresholds will also increase, meaning the amount people have to spend on out-of-hospital medical expenses before qualifying for a higher rebate has increased—this is in line with indexation based on inflation.

The Original Medicare Safety Net will increase to $560.40 for both concessional and non-concessional individuals and families.

Once you reach this threshold in a calendar year, you get 100 per cent reimbursed for out-of-hospital medical services listed on the Medicare Benefits Schedule.

The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional.

Once the threshold for out-of-pocket costs is met, Medicare will pay 80 per cent of future costs. This essentially benefits households with significant medical bills.



Health Insurance Extras

If you have health insurance extras, they'll reset from January 1.

So all unclaimed extras for healthcare visits, including the dentist or different therapists, will be reset—leaving thousands of dollars of available claims unused.

Changes to University Requirements

In a move to support struggling students, universities will replace the 50 per cent pass rule with a 'support for students policy'.

This means students who were previously at risk of losing their Commonwealth help due to failing half their units will now receive more support.



State-Specific Changes

In New South Wales, motorists who spend more than $60 a week on tolls will get the remainder back—up to $340 a week.

However, the state's stamp duty exemption on zero and low-emission vehicles will end, as will the $3000 rebate on full battery electric and hydrogen fuel cell vehicles.

School-aged families receiving Family Tax Benefit A or B will receive 2 x $50 vouchers for the year.

In Victoria, new homes will have to connect to electric networks as gas is banned in all new builds.

A temporary land tax surcharge will be introduced for the next 10 years, with varying rates depending on the value of the land.

Landholding valued between $50,000 and $100,000 will receive a $500 surcharge, while those valued between $100,000 and $300,000 will receive a $975 surcharge.

Lands valued over $300,000 will receive a $975 surcharge plus 0.1 per cent of the taxable value.

Family homes remain exempt from land tax.



Queensland will offer free preschool for all kids attending a government-approved program. They can attend for free 15 hours a week for 40 weeks a year.

FairPlay vouchers will also be available for Queensland families who can score $150 for sports and active recreation programs.

In South Australia, the $3000 electric vehicle rebate is ending. However, people who have already bought a car but haven't had it delivered yet are still eligible.

In the Australian Capital Territory, preschool for three-year-olds will be free at select providers for 300 hours a year.

While in the Northern Territory, families will be eligible for the $100 learn-to-swim voucher. The government will provide two lots per year for kids under 5.
Key Takeaways

  • From January 1, 2024, various costs are going up, but there are also increases in support payments and rebates for Australian households.
  • Centrelink payments will see an uplift based on inflation, with increases to Youth Allowance, Austudy, ABSTUDY, disability support pension for under 21s, and Carers Allowance.
  • Medicare safety net thresholds will increase, meaning higher out-of-pocket expenses are required before a higher rebate is given, but once reached, better support is provided.
  • Several state-level changes will take place, including toll relief in NSW, a ban on gas in new builds in Victoria, free preschool in Queensland and the ACT, and the end to an electric vehicle rebate in South Australia.
Members, what are your thoughts on these changes? Let us know in the comments below!
Time to depart Victoria! Did we not see this coming . Exponentially, exploding debt … now funded by imploding Victorians. Stalin WOULD be impressed!
 
Typical Victoria!
Already the State with highest taxes and all we get is bans on products and more taxes.
Temporary, what utter rubbish. Will never be removed!
How will this solve the cost of living crisis in Victoria? How will this solve the housing crisis ? How will this solve Victoria’s immediate and exponential debt CRISIS. Those cash poor who just happen to own land will be swept up on this Uber Socialist move ! This is reverse ROBBINGhood!😡
 
I am not sure why there is a difference in the fortnightly rate between Austudy and ABSTUDY when they are both for students studying
Austudy is the main income support if you are 25 or older and a full-time student. Single rate $639 fortnight.
Abstudy is financial support for Aboriginal and Torres Strait Islander students.
Abstudy has a lot of other assistance associated with it. It may include school and boarding fees living and travel costs and buying school supplies.
 
How will this solve the cost of living crisis in Victoria? How will this solve the housing crisis ? How will this solve Victoria’s immediate and exponential debt CRISIS. Those cash poor who just happen to own land will be swept up on this Uber Socialist move ! This is reverse ROBBINGhood!😡
Glad I left Victoria years ago now
 
Austudy is the main income support if you are 25 or older and a full-time student. Single rate $639 fortnight.
Abstudy is financial support for Aboriginal and Torres Strait Islander students.
Abstudy has a lot of other assistance associated with it. It may include school and boarding fees living and travel costs and buying school supplies.
And, of course, non Indigenous pupils don't have any of these costs????
 

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