The new financial year will bring added costs for some people and a fatter wallet for others. (Joel Carrett/AAP PHOTOS)
From tax reductions to new parental leave entitlements, the new financial year will bring a number of new laws which should bring some financial relief to weary Australians.
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Here are the major changes from July 1:
Tax cuts
- Australians with annual earnings of $72,753 will get a $1498 tax cut
- People earning $45,000 will get just over $1300 tax back
- Australians earning over $120,001 will get the same tax back as they did in the 2022/23 financial year
Minimum wage increases
- The national minimum wage rises by less than $1 from $23.23 to $24.10 an hour, translating to $47,621.60 a year based on a 38-hour working week
Paid parental leave
- Eligible parents will be able to access up to 110 days or 22 weeks on a five-day work week
- The rate of paid parental leave will increase in line with the minimum wage to $915.91 per week
Energy bill relief
- All households are eligible for a $300 rebate, applied as $75 quarterly credits
- Prices will go down by $17 to $190 across the year, depending on location
Superannuation
- The minimum rate of superannuation rises 0.5 percentage points to 11.5 per cent of pay
- The before-tax contribution cap increases to $30,000 from $27,500
- The after-tax contribution cap increases to $120,000 from $110,000
Welfare
- The disability support pension increases by $50 a fortnight
- A maximum of $9.40 extra a week for a single person on rent assistance
Passports
- A 10-year passport will cost almost $400, up about $50
Engineered stone ban
- No more manufacture, supply, processing or installation of engineered stone bench tops, panels and slabs
- Engineered stone causes silicosis, a life-threatening lung disease.
Vaping
- Sales of vapes to be restricted to pharmacies
- Buyers to be allowed vapes with limited nicotine content over the counter, once they have a discussion with the pharmacist about health harms and confirm they're over 18.
Australian Associated Press