The new fiscal year has arrived, which means big changes are afoot. Here’s what you need to know about what’s going on.
The new exercise has arrived – and that means a series of huge changes.
Today marks a mid-year milestone, bringing with it many major changes such as new laws and regulations, fees and charges, and taxes and benefits.
Here’s what you need to know.
From today, Australian workers will get a boost in their retirement.
The permanent 0.5 percentage point increase in the superannuation guarantee rate, from 10% to 10.5%, will increase the super-balance of most retired employees by about 3%.
For the average Australian worker, that means around $15,000 extra in retirement.
For example, a recent graduate who begins his career at a local grocery store where he works his entire career until reaching the retirement age of 67 will retire with an additional $15,500 from the permanent raise of 0, 5 percentage points.
A 40-year-old construction worker who retires at 60 due to the physical demands of his job and who accesses his super until he qualifies for the old age pension will have an extra $7,800 retired.
A statement from Treasurer Jim Chalmers said Friday’s increase was “just another step on the road to a 12% statutory rate by 2025”.
“When the full increase is reached, it will bring an additional $76,000 to the typical retired Australian worker,” the statement said.
Financial boost for 1.4 million families
More than 1.4 million Australian families will benefit from a welcome increase in family payments from July 1 in a bid to ease cost of living pressures.
Under the change, Centrelink Family Tax Benefit (Parts A and B) payments will increase, with households with a child under 13 benefiting from an increase in Part A of the Family Tax Benefit to 204 $.40 in 2022-2023.
For those with a child aged 13 and over, the payment will reach a maximum of $255.50, while those who qualify for Part B of the Family Tax Benefit will see an increase of up to $164.25 per year. for families with a youngest child under five.
Families receiving Part B of the Family Tax Benefit with a youngest child between the ages of 5 and 18 will receive up to $116.80 more per year.
A huge overhaul of Centrelink is coming, which means big changes ahead for those who participate in the JobSeeker program.
From July 1, beneficiaries who must complete the mutual obligation process in order to receive social benefits will be transferred to a points-based activation system (PBAS).
Those affected will need to receive 100 points and complete a minimum of five job searches per month to secure payment.
There is a list of over 30 tasks and activities that each have their own point value, with attending a job interview worth 20 points and completing a job application worth five.
The SAFP will replace the current system where job seekers are required to apply for 20 jobs each month.
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Electricity costs will skyrocket
Millions of families will see their electricity costs rise next month after the energy industry watchdog hiked prices by hundreds of dollars a year.
The Australian Energy Regulator (AER) will pass on steep increases to the benchmark electricity price, meaning bills will soar by 18.3% in New South Wales, 12.6% in the Queensland and 9.5% in South Australia in July.
Comparison site Finder has urged Australians to shop before July 1 to avoid bill shock.
“You have two different types of energy packages in the market: those that offer fixed tariffs for a certain period (for example, 12 months) or others that offer variable tariffs,” said Mariam Gabaji, energy expert at Finder.
“If you don’t like to switch electricity plans often in search of the cheapest variable rates, you’ll probably get a fixed rate plan instead.”
Major government changes
Following Labor’s election victory, from July 1, a series of departmental and administrative changes will come into effect.
From this date, a new Ministry of Employment and Industrial Relations will be created to implement the government’s program on industrial relations, jobs, skills and training.
A new Department of Climate Change, Energy, Environment and Water will also be created, while the Department of Health will be renamed the Department of Health and Elderly Care and the Department of Infrastructure, Transport, Regional Development and Communications will be renamed Department. infrastructure, transport, regional development, communications and the arts.
The Ministry of Finance will be responsible for data policy, including the Digital Transformation Agency, as well as deregulation, and the Ministry of Interior will be responsible for natural disaster response and mitigation, including the National Recovery and Resilience Agency.
The Attorney General’s portfolio will also be responsible for criminal law enforcement and policy, including the Australian Federal Police.
Short-term Temporary Skills Shortage (TSS) Subclass 482 visa holders who have worked in Australia during the pandemic will have access to a new Australian permanent residency pathway from July 1.
From then on, TSS visa holders will be able to apply for permanent residence through the Temporary Residence Transition (TRT) stream of the ENS (Subclass 186 Employer Nomination Scheme) visa.
Applicants must have been in Australia between February 1, 2020 and December 14, 2021 for at least one year, as well as meet all other nomination and visa requirements for the TRT stream of the ENS visa.
Starting in July, the PBS backstop threshold for concession card holders will be lowered to $244.80.
This means that concession card holders will receive their PBS drugs for free when they reach the lowered threshold.
Car prices are skyrocketing
Changes to the luxury car tax threshold mean that next month the threshold for fuel-efficient vehicles will be increased by 6.6% to $84,916.
For all other vehicles, it rose 3.9% to $71,849.
Help with childcare
“Blended families” – where both members of the couple receive the childcare subsidy for different children in their family – will automatically receive the higher subsidy from July.
Any higher grant these families were eligible for between March 7 and July 2022 will be refunded.
Telstra customers in a hurry
From next month, prices for Telstra’s mobile plans will increase in line with the Consumer Price Index.
This means that the cost of basic and essential plans will increase by $3 per month, while premium plans will increase by $4.
However, the telecom operator noted that further hikes could be on the horizon, saying that “pricing of plans will include an annual review and may increase each year.”