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!
 
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That is the truth, however you are wasting your breath - racists will always be racists and don't care about truth. That is on them as they show their ignorant and selfish selves. On display everyday - should be in the museum with the dinosaurs.
I did not reply to Talby because I thought the comment was racist. I do hear the frustration in the personal circumstances that family is facing. Just like to try to find the facts before I form my own opinions. We are all entitled to our opinions, I was not judging anyone.
 
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I did not reply to Talby because I thought the comment was racist. I do hear the frustration in the personal circumstances that family is facing. Just like to try to find the facts before I form my own options. We are all entitled to our opinions, I was not judging anyone.
Didn't say you were - I am just saying facts fall on deaf ears - people only listen to what they want to listen to. Yes, we are entitled to our opinions - we are not entitled to hate speech based on racism.
 
Didn't say you were - I am just saying facts fall on deaf ears - people only listen to what they want to listen to. Yes, we are entitled to our opinions - we are not entitled to hate speech based on racism.
I also am a full time carer for my son - We survive on $500 p/w and his support pension. Between the two of us we get more than the minimum wage earners in this country...not so bad!
 
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Indigenous Australians are not locked out of education pathways, but they do face significant barriers to accessing and completing education. According to a report by the University of Melbourne, Indigenous Australians are systematically overrepresented in metrics of poor primary and secondary education performances and outcomes, and underrepresented in higher education 1.

The Australian government has a responsibility to address the educational disadvantage experienced by Indigenous Australians, which is a result of historical and ongoing systemic discrimination and marginalization 2. The government’s investment in education for Indigenous Australians is a step towards closing the gap between Indigenous and non-Indigenous Australians in terms of education and employment opportunities .

In fact, the National Indigenous Australians Agency invests in programs such as ABSTUDY to support school attendance, retention, and Year 12 attainment for over 5,000 Aboriginal and Torres Strait Islander students and their families .

It is important to note that the Australian government is committed to providing equal opportunities for all Australians, regardless of their background. The government’s investment in education for Indigenous Australians is aimed at addressing the educational disadvantage experienced by Indigenous Australians and ensuring that they have the same opportunities as non-Indigenous Australians .

I just found this information that may help us all understand the differences. I expect that if indigenous students need more help, so they can start earning an income, that must be a win for all.
(I am not an indigenous Australian) I, like everyone is interested to know why things are done in certain ways.
Thank you for that information.
After living in Kalgoorlie for a few years it was sad to see the young children not going to school because of parental neglect.
There was a bus that used to go around and take them to school for breakfast and hope that they would stay, some did, some didn't. Without parental support and encouragement in their young lives they are already at a great disadvantage.
Added to this many of them are born with fetal alcohol syndrome..
Yes, many people are racist, but on both sides.
In the town where Iive now you have preschool age children calling you"whitey'" and making comments like "F""k off whitey this is our country". Where do they learn this, at the knees of their parents.
Yes, racism is well and truly alive,from both sides

Indigenous Australians are not locked out of education pathways, but they do face significant barriers to accessing and completing education. According to a report by the University of Melbourne, Indigenous Australians are systematically overrepresented in metrics of poor primary and secondary education performances and outcomes, and underrepresented in higher education 1.

The Australian government has a responsibility to address the educational disadvantage experienced by Indigenous Australians, which is a result of historical and ongoing systemic discrimination and marginalization 2. The government’s investment in education for Indigenous Australians is a step towards closing the gap between Indigenous and non-Indigenous Australians in terms of education and employment opportunities .

In fact, the National Indigenous Australians Agency invests in programs such as ABSTUDY to support school attendance, retention, and Year 12 attainment for over 5,000 Aboriginal and Torres Strait Islander students and their families .

It is important to note that the Australian government is committed to providing equal opportunities for all Australians, regardless of their background. The government’s investment in education for Indigenous Australians is aimed at addressing the educational disadvantage experienced by Indigenous Australians and ensuring that they have the same opportunities as non-Indigenous Australians .

I just found this information that may help us all understand the differences. I expect that if indigenous students need more help, so they can start earning an income, that must be a win for all.
(I am not an indigenous Australian) I, like everyone is interested to know why things are done in certain ways.
 
Thank you for that information.
After living in Kalgoorlie for a few years it was sad to see the young children not going to school because of parental neglect.
There was a bus that used to go around and take them to school for breakfast and hope that they would stay, some did, some didn't. Without parental support and encouragement in their young lives they are already at a great disadvantage.
Added to this many of them are born with fetal alcohol syndrome..
Yes, many people are racist, but on both sides.
In the town where Iive now you have preschool age children calling you"whitey'" and making comments like "F""k off whitey this is our country". Where do they learn this, at the knees of their parents.
Yes, racism is well and truly alive,from both sides
Yes it is, but where did it start?
"Colonisation meant oppression and genocide. Aboriginal people were denied the right to live by their own rules, to decide on their own policies"
We have not suffered this, therefore many have no understanding of why they feel the way they do...and who can blame them? It is a generational issue that will take time (and the absence of racism from us) to turn it around for society sake. Many white low socio-economic behave exactly the same way (without racism) - from parents to child - there will probably always be these issues.
To quote another member - " gimme money white dog' is said by many white dogs here every day! Many white people suffer alcoholism - not exclusive!
 
Yes it is, but where did it start?
"Colonisation meant oppression and genocide. Aboriginal people were denied the right to live by their own rules, to decide on their own policies"
We have not suffered this, therefore many have no understanding of why they feel the way they do...and who can blame them? It is a generational issue that will take time (and the absence of racism from us) to turn it around for society sake. Many white low socio-economic behave exactly the same way (without racism) - from parents to child - there will probably always be these issues.
To quote another member - " gimme money white dog' is said by many white dogs here every day! Many white people suffer alcoholism - not exclusive!
I'm definitely not saying it's exclusive,my ex was an alcoholic.
I have 3 stepdaughters which fit in the class of "white trailer trash", 5 kids each to who knows who, their children are now doing the same, and so it goes on, All of them on welfare never contributed anything to society and constantly whinging they don't get enough money. Any money they get goes mainly on alcoholic, smokes, drugs, etc.
I think this problem was/is caused by the easy access to single mum's pension
This is a lifestyle choice by all of them and thousands of others.
What was originally to be to help women to be able to leave an abusive marriage and have some financial support has turned into the greatest rort of all time
I myself made use of this support many years ago, for a short time, then got back into the workforce and became a contributing member of society again.
I have no time for these leeches.
 
Thank you for that information.
After living in Kalgoorlie for a few years it was sad to see the young children not going to school because of parental neglect.
There was a bus that used to go around and take them to school for breakfast and hope that they would stay, some did, some didn't. Without parental support and encouragement in their young lives they are already at a great disadvantage.
Added to this many of them are born with fetal alcohol syndrome..
Yes, many people are racist, but on both sides.
In the town where Iive now you have preschool age children calling you"whitey'" and making comments like "F""k off whitey this is our country". Where do they learn this, at the knees of their parents.
Yes, racism is well and truly alive,from both sides
It would be wonderful if we could all be tolerant and respectful of one another. None of us can fix the mistakes of the past, but we could all improve the future if we treated everyone the same.
Having said the same, it shouldn't mean in money payments, which is what the conversation was about, it should mean in respectfulness. Respect that indigenous student might need more help, or when any other individual needs help e.g., medical or dental they might need more than someone else, therefore costing the taxpayer more, so should they be denied. There are free beds in aged care for those without funding, should we turn our backs and say bad luck. We just all need to be tolerant and mindful.
I'm not religious as such but I did learn one thing at Sunday school, that has always stuck with me.
Jesus loves the little children, all the children of the world red and yellow, black and white, all are precious in his sight.
Thats how I try to live.
 
I'm definitely not saying it's exclusive,my ex was an alcoholic.
I have 3 stepdaughters which fit in the class of "white trailer trash", 5 kids each to who knows who, their children are now doing the same, and so it goes on, All of them on welfare never contributed anything to society and constantly whinging they don't get enough money. Any money they get goes mainly on alcoholic, smokes, drugs, etc.
I think this problem was/is caused by the easy access to single mum's pension
This is a lifestyle choice by all of them and thousands of others.
What was originally to be to help women to be able to leave an abusive marriage and have some financial support has turned into the greatest rort of all time
I myself made use of this support many years ago, for a short time, then got back into the workforce and became a contributing member of society again.
I have no time for these leeches.
Yes, and there always have been and will continue to be 'leeches' unfortunately. I don't know what the answer is, but I do think it naive to think it is a simple problem to solve or that any government has been perfect - not possible. However, I believe that overall we are a great country dealing with growth and world economic issues, too complex for any of us to really understand. Criticising is useless and destructive ...and depressing and most criticism is self-referenced.
 
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It would be wonderful if we could all be tolerant and respectful of one another. None of us can fix the mistakes of the past, but we could all improve the future if we treated everyone the same.
Having said the same, it shouldn't mean in money payments, which is what the conversation was about, it should mean in respectfulness. Respect that indigenous student might need more help, or when any other individual needs help e.g., medical or dental they might need more than someone else, therefore costing the taxpayer more, so should they be denied. There are free beds in aged care for those without funding, should we turn our backs and say bad luck. We just all need to be tolerant and mindful.
I'm not religious as such but I did learn one thing at Sunday school, that has always stuck with me.
Jesus loves the little children, all the children of the world red and yellow, black and white, all are precious in his sight.
Thats how I try to live.
Perfect!
 
I'm definitely not saying it's exclusive,my ex was an alcoholic.
I have 3 stepdaughters which fit in the class of "white trailer trash", 5 kids each to who knows who, their children are now doing the same, and so it goes on, All of them on welfare never contributed anything to society and constantly whinging they don't get enough money. Any money they get goes mainly on alcoholic, smokes, drugs, etc.
I think this problem was/is caused by the easy access to single mum's pension
This is a lifestyle choice by all of them and thousands of others.
What was originally to be to help women to be able to leave an abusive marriage and have some financial support has turned into the greatest rort of all time
I myself made use of this support many years ago, for a short time, then got back into the workforce and became a contributing member of society again.
I have no time for these leeches.
However, the hard part is determining wanton laziness and perhaps undiagnosed mental health issues. Unfortunately we are not all born equal.
 
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Indigenous Australians are not locked out of education pathways, but they do face significant barriers to accessing and completing education. According to a report by the University of Melbourne, Indigenous Australians are systematically overrepresented in metrics of poor primary and secondary education performances and outcomes, and underrepresented in higher education 1.

The Australian government has a responsibility to address the educational disadvantage experienced by Indigenous Australians, which is a result of historical and ongoing systemic discrimination and marginalization 2. The government’s investment in education for Indigenous Australians is a step towards closing the gap between Indigenous and non-Indigenous Australians in terms of education and employment opportunities .

In fact, the National Indigenous Australians Agency invests in programs such as ABSTUDY to support school attendance, retention, and Year 12 attainment for over 5,000 Aboriginal and Torres Strait Islander students and their families .

It is important to note that the Australian government is committed to providing equal opportunities for all Australians, regardless of their background. The government’s investment in education for Indigenous Australians is aimed at addressing the educational disadvantage experienced by Indigenous Australians and ensuring that they have the same opportunities as non-Indigenous Australians .

I just found this information that may help us all understand the differences. I expect that if indigenous students need more help, so they can start earning an income, that must be a win for all.
(I am not an indigenous Australian) I, like everyone is interested to know why things are done in certain ways.
And...another fun fact! No proof is required to prove indigenous heritage for Abstudy - just roll on in. Plenty of 'whites' jump on that! Therefore the numbers are skewed perhaps somewhat. Another example of 'white dogs' gimme gimme.
 
What about the Carer's Pension, which is different to the Carer's Allowance? My daughter has to try to survive on $500 a week, and can’t work to supplement her money because her 18 year old has Down syndrome and is very high dependency.
If she qualifies for Carer payment, then she should also receive Carer Allowance. The Carer payment is exactly the same as they Age and Disability Pension and will rise in March and again in Sept. as it does every year.
 
However, the hard part is determining wanton laziness and perhaps undiagnosed mental health issues. Unfortunately we are not all born equal.
No, no mental health issues, diagnosed or not. They all happily admit they have no intention of working. Their mother even told them to get pregnant and then they won't have to keep looking for work and reporting to Centrelink. This was when the first one was only sixteen.
Now they are older and on Jobseeker and their children are on single mum's pension and the boys on Jobseeker.
None of them have worked a day in their lives.
In some cases they were living with the father's of the children (who were on the dole)and using their mothers address so they could keep on getting single mum's pension .
Centrelink don't do proper checks, as I know they have been dobbed in on occasions, but they know their way around the system . Even boast how they get away with it.
 
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!
 
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.
 
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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!
You don’t want to know what I think 😢
 
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!
Let's hope these changes will Benefit every one of us by, giving us the necessary funds we need to lift the level of the difficult circumstances, we are currently under.
 

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