The new financial year has arrived, bringing with it several changes that will impact Australians’ household budgets. Starting from July 1, millions of Australians can expect a weekly pay increase of around $47 as minimum and award wages are adjusted to keep up with inflation and the rising cost of living. The Fair Work Commission recently announced a 5.75% increase in the national minimum wage and minimum awards rate, equivalent to about $46.70 for a 38-hour workweek. This translates to wages averaging around $22.61 per hour or $859.32 per week. The decision was made with consideration for inflation and the unique combination of low unemployment, falling real wages, and high inflation in Australia. Additionally, changes to the aged pension will benefit thousands of senior Australians. The pension age will be raised, along with the threshold for payments, to encourage more seniors to continue working and address Australia’s labor shortage. These changes aim to help age pensioners who are struggling to make ends meet. Furthermore, there will be opportunities for hopeful homebuyers to secure a property with a smaller deposit by participating in the latest home guarantee scheme. The scheme has been expanded to include joint applications from friends, siblings, and other family members, and individuals who have owned property in the past but not within the last decade. These changes also apply to the regional first-home buyer scheme and the family home guarantee scheme for single legal guardians of children. Other changes include a 15% pay rise for aged care workers, cheaper childcare, changes to paid parental leave, electricity bill relief for certain households, and incentives for small businesses to become more energy-efficient. These policies, promised in the latest federal budget, are designed to provide assistance to struggling Australians while also stimulating economic growth.
Centrelink payments and wages undergo changes as new financial year begins on July 1
Denial of responsibility! Swift Telecast is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – swifttelecast.com. The content will be deleted within 24 hours.