The new financial year is here — and with it comes a raft of changes that affect your hip pocket.
Here's what you need to know.
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Australian visa changes for 2023-24
Superannuation
The — the minimum amount of superannuation your employer legally has to pay you — will increase from 10.5 per cent to 11 per cent.
Older Australians will be able to move $200,000 more into a tax-free retirement phase income stream — an alternative to withdrawing super as a lump sum — with the amount rising from $1.7 million to $1.9 million.
But a temporary 50 per cent reduction on draw down rates will come to an end, which means those using an income stream will be required to withdraw more of their super each year.
Pay rises
Minimum and modern award wages will rise by 5.75 per cent, although the increase will actually be 8.6 per cent for those on the minimum wage due to a technical change.
In practical terms, the minimum wage will rise to $882.80 a week or $23.23 an hour.
Some aged care workers will receive a 15 per cent wage increase on 30 June, i.
Age pension
Older Australians will have to wait until they are 67 years old — up from 66 years and six months — before they can apply for the age pension.
Child care
Families earning less than $80,000 a year could be eligible to have 90 per cent of their childcare fees covered by the federal government.
The maximum household income for those eligible for a subsidy will also rise from about $346,000 to $530,000.
Electricity bill relief
On 1 July, the , a ceiling electricity price for NSW, South Australia and southeast Queensland, will rise.
Coinciding with this is , in partnership with the states and territories.
In Queensland, vulnerable households — a $700 cost of living rebate, partly funded by the Commonwealth's Energy Bill Relief Fund, and $372 under the Queensland Electricity Rebate Scheme.
All other households will receive $550.
Eligible Victorian households will get $250, and those that have not already done so can apply for an additional $250 through the state government's .
Qualifying households in NSW and Tasmania will receive $500, while those in Western Australia and the Northern Territory will get $175.
Total bill relief will be $175 for ACT households.
Some small businesses will also be eligible for rebates. You can find out more about the .
Paid parental leave
Existing parental leave and dad and partner pay will be combined into a single 20-week scheme which is expected to benefit 180,000 families a year.
The changes mean either parent can apply for paid parental leave first, while they will also be able to access entitlement in multiple blocks. That means they will be able to take as little as one day, while working either side.
Single parents will be able to access the full 20-week entitlement.
Victorian apprentices
The state government announced in its May budget that apprentices in Victoria will be eligible for free vehicle registration, saving them up to $865 a year.
- With AAP.
