The new financial year is only a few weeks away, bringing some big changes for Australians.
Starting from July 1, tax cuts, a $300 energy rebate, pay increases for low-income workers, cost-of-living relief, and an increase in passport fees will be implemented.
Here's how you will be impacted from July 1.
Tax cuts
Labor has implemented tax reductions that will benefit millions of Australians.
Under the updated stage three tax cuts, households can expect tax savings ranging from $350 to $4,500 annually, depending on their income bracket.
The tax rate for people earning between $19,000 and $45,000 has been reduced from 19 per cent to 16 per cent. That will give those on $45,000 a year an extra $805 a year.
'From the first of July, all 13.6million taxpayers will receive a tax cut. The average annual tax cut is $1,888, or $36 a week,' Treasurer Jim Chalmers said.
Here's what you will get under the tax cuts per year:
$18,200 or less: Nothing
$19,000: $24
$45,000: $805
$60,000: $1,179
$80,000: $1,679
$120,000: $2,679
$135,000: $3,729
$190,000 and above: $4,529
In the May Budget, Treasurer Dr Jim Chalmers (pictured) announced, 'From the first of July, all 13.6 million taxpayers will receive a tax cut. The average annual tax cut is $1,888, or $36 a week
Many low-income workers will not only benefit from a larger tax break, the minimum wage and award wages will also jump by 3.75 per cent from July 1
From July 1, parents will be eligible for 110 days, or 22 weeks, based on a five-day work week
Power bill relief
The Albanese government's much talked about $300 energy rebate for every household will be switched on from July 1.
All households will see a $300 credit automatically applied to their electricity bills, while one million small businesses will also receive $325 off their bills.
Energy companies will apply $75 credits to each quarterly power bill under the rebate scheme.
'Every household will now get energy bill relief under the Albanese government,' Dr Chalmers said:
The measure wouldn't add to inflation but rather put downward pressure on it, Dr Chalmers explained.
'Treasury estimates this will directly reduce headline inflation by around half of a percentage point in 2024– 25 and is not expected to add to broader inflationary pressures.'
Minimum wage
After a recent Fair Work Commission decision, the minimum wage and award wages will jump by 3.75 per cent from July 1.
Based on a full-time, 38-hour work week, the national minimum wage will rise from $23.23 per hour to $24.10 per hour.
This translates to an increase from $882.80 per week to $915.91 per week, giving Aussies on the minimum wage an extra 33.10.
Centrelink payment boost
Social security payments for nearly 2.4million Australian households and pensioners will soon get a boost.
Quarterly indexation changes to income thresholds will come into effect from July 1, in order to ensure the government support keeps pace with inflation.
Extensions to current income and asset limits mean payments will increase for five schemes including the Family Tax Benefit (both Parts A and B), the Multiple Birth Allowance, Newborn Supplement, Stillborn Baby Payment, and Essential Medical Equipment payment.
For families with children under 13 years of age on the Family Tax Benefit Part A, maximum fortnightly payments will increase by $8.68 to $222.04.
Households with children over the age of 13 could get a maximum fortnightly payment of $288.82 - a rise of $11.34.
The supplement for Family Tax Benefit Part A will also grow by $36.50 to $916.15, and by $18.25 to $448.95 for households on the Family Tax Benefit Part B payment.
Indexation changes will also increase the income thresholds for people under the Parental Leave Pay.
Income eligibility requirements will also be expanded for people on the Parenting Payment Single, the Age Pension, Disability Support Pension, and Carer Payment.
Assets limits for people on the Jobseeker Payment, Special Benefit, ABSTUDY, Austudy, Youth Allowance, Parenting Payment will also be increased.
Paid parental leave
From July 1, Australia's paid parental leave scheme will expand.
Eligible parents can currently get up to 100 days of paid leave or 20 weeks, based on a five-day work week.
From July 1, parents will be eligible for 110 days, or 22 weeks, based on a five-day work week.
In July 2025, this will jump to 120 days or 24 weeks, and then up to 130 days, or 26 weeks, in July 2026.
From July 1 Aussie students who were slammed with massive increases to their HECS / HELP loans because of higher inflation are due reimbursem*nts
Australia's superannuation guarantee will increase 0.5 per cent, to a total of 11.5 per cent from July 1
All households will seea $300 credit automatically applied to their electricity bills from July 1
Superannuation
From July 1, Australia's superannuation guarantee will increase 0.5 per cent, to a total of 11.5 per cent, before rising a further 0.5 per cent to reach 12 per cent next year.
When it hits 12 percent on July 1, 2025, the government will start paying super on paid parental leave.
The start of the new financial year will also see caps on super contributions increase.
The before-tax contribution cap in 2024-25 will be set at $30,000, up from $27,500 in 2023-24.
The after-tax cap jumps to $120,000, from $110,000 in 2023-24.
Passport price hike
Australian travellers heading overseas will face higher costs from July 1.
The cost of a 10-year adult passport, will jump from $346 to $398, a rise of 15 per cent.
The government is also introducing a new Fast Track passport service from July 1.
Eligible Australian-based customers will be able guaranteed of their passport application processed within 5 business days.
The Fast Track service costs an extra $100 on top of the regular passport application fee.
