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
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.
I think SO!
 
Hey Guys, you never mention Tasmania in when things are said about government changes. We are a part of Australia, like any state or territory so why are we always left off. It makes me cross as it happens all the time. And we are not a part of Victoria either as some might think, we are state.
You have been granted the privilege of building that AFL stadium for $750 000 000 of your assorted taxes. Stop whingeing!
 
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!
No mention of WAyet again, as usual gov keep increasing everything and give nothing back.
 
I am left puzzled by the Medicare information. My husband and I (full aged pension - no other income) pay between $70 and $80 per month on NHS scripts. So the new threshold is $811. Which means it will take us till November to reach the threshold. Last year we reached it in July. How is this helping?
Also when do we start getting double scripts? I am still only getting one months supply at a time.
 
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 happened to WA? Doesn't that state exist under Centrelink?
 
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 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!
 
Hi Vanessa. I have just been reading what the Govt. is handing out to help people survive the Depression that we are not having and I am appalled. To find that the Seniors are not getting an increase of any sort shocked me. I know that it has been said that there are 2 increases throughout the year, I can't remember months, but other supporting payments from Centrelink also receive these as it is to keep payments in line with the CPI. As you may have guessed, I am a Senior and proud of it, working from 16 - retirement and raising 2 children. When I retired I had a Super payment of not quite $10,000. I have had notice this week that from now on I will get $100 per fortnight because my partner's assets have been added to mine. I own nothing and haven't since divorce. I have my money and my partner has his. We had never shared finances until I applied for the pension.
These things that are happening now in 2023 - 2024 are likened to what was happening in the late 1950's - 1960's, I can remember my parents talking.
From what I have been reading I think - ALL SENIORS SHOULD GO AND START DIGGING THEIR PLOTS TO BE BURIED IN, AS WE WON'T BE ABLE TO AFFORD TO PAY FOR IT. UNFORTUNATELY, IF OUR FAMILIES ARE LOW-INCOME FAMILIES OR MIDDLE-CLASS, THEY WON'T BE ABLE TO EITHER.
I would like to finish with; KEEP ON DIGGING MY FRIENDS!

I wish to state; THESE ARE MY OPINIONS AND THOUGHTS, should you wish to share outside of this forum, please ask me first.
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.

Seniors Discount Club

The SDC searches for the best deals, discounts, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else

Latest Articles

  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×