Next week marks the new financial year and with it a raft of changes. Here’s a list of what will be different after July 1.
Income and investments
- National minimum wage increases by 3.5 percent. The new national minimum wage will be $24.95 per hour, or $ 948 per week.
- Superannuation guarantee rate increases from 11.5 percent to 12 percent. This is the final scheduled increase.
Support payments
- Centrelink payments increase by 2.4 percent.
- For families receiving Family Tax Benefit (FTB) Part A, the maximum rate of payment for children aged under 13 will increase to $227.36 a fortnight. For children aged 13 or over, the rate will increase to $295.82 a fortnight.
- The maximum rate of Family Tax Benefit Part B will increase to $193.34, and for families with a youngest child aged five or over, the rate will increase to $134.96 a fortnight.
- Thresholds for the income and asset tests for the age pension will lift by 2.4 percent. The value of assets pensioners can own while receiving a full pension, and the weekly income they can take from work and their super, will also increase.
Business and employment
- Business can no longer claim a tax deduction for any Australian Taxation Office interest.
- The Core Skills Income Threshold (CSIT) for visas will increase from $73,150 to $76,515. Specialist Skills Income Threshold (SSIT) will increase from $135,000 to $141,210. The Temporary Skilled Migration Income Threshold (TSMIT) will increase from $73,150 to $76,515.
- Eligible employees will have the right to refuse employer or third-party contact outside of working hours. This change starts on August 26 for small business employers.
- The Australian Government’s Environmentally Sustainable Procurement Policy, which came into effect on July 1 2024 for construction services procurements, will now also apply to furniture, fittings and equipment (FFE), ICT goods, and textiles for procurements valued at or above $1 million.
- Tax practitioners with 100 or less employees will be under stricter ethical and operational requirements through new Code obligations which have already commenced for large tax practitioners.
On the road
- Stricter Mobile Phone usage laws come into effect across the country, including:
- Fines for distracted driving able to be up $745 (previously $534) for a first offense.
- Demerit Points now five points for a first offense, up from 4 in most jurisdictions.
- A second offense within 12 months may result in a doubled fine (up to $1500) and a three-month license suspension.
- P-plate and learner drivers face a complete ban on mobile phone use, including hands-free systems, with fines up to $1500 and 6 demerit points.
- AI-powered mobile phone detection cameras, already in use in New South Wales and Victoria, will expand nationwide, including regional areas. These cameras can detect phone use even at traffic lights or in stationary traffic, generating automatic fines without police intervention.
- Speeding offence will be targeted through a range of measure, including:
- Minor speeding (10–20 km/h over the limit) fines increase from $409 to $580 in NSW, with similar hikes in other states.
- Excessive speeding (>30 km/h over the limit) fines up to $1600, with immediate license suspension in severe cases.
- In School Zones a uniform 30 km/h speed limit applies nationwide during school hours, with fines doubled for violations (up to $800 and 6 demerit points).
- Average speed cameras, previously used for heavy vehicles, will now apply to light vehicles on major highways, with fines up to $2200 and 8 demerit points for long-distance speeding.
- All new cars sold from mid-2025 must be equipped with Intelligent Speed Assistance (ISA), which uses GPS and camera data to alert drivers when they exceed speed limits.
- Queenslanders will see a 3.4 percent hike in vehicle registration fees as well as traffic fines.
Housing
- In Queensland annual rent and eligibility checks for all social housing tenants will be reintroduced. The checks will confirm if tenants still meet income thresholds.
Communications
- From July 17, the price of postage will increase:
- Ordinary small letters will increase from $1.50 to $1.70.
- Ordinary large letters up to 125g will increase from $3 to $3.40.
- Ordinary large letters between 125 and 250 grams will rise from $4.50 to $5.10.
- The price of concession stamps ($3 for five) and stamps for seasonal greeting cards (65 cents) will not change.
