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Sky News AU
4 days ago
- Business
- Sky News AU
Labor to act on key cost-of-living promises in first week of parliament
Australians are weeks away from receiving a 20 per cent cut to their student debt, with Labor vowing to scrap HECS and HELP debt as the government's first priority once parliament resumes, following the government's landslide election victory. The changes will be applied to all student debts as they on June 1, 2025, with the average HELP debt of $27,600 set to receive a reduction of about $5520. The HECS reform will also reduce the repayment threshold for debts from $56,156 to $67,000. Rates of repayments will also be lowered then current levels, with someone on $70,000 paying $1300. Despite the Coalition not supporting the measure during the campaign, education spokesman Jonno Duniam said he expected the Bill to 'pass' parliament. Speaking to the ABC on Sunday, he said that while the legislation would still need to go through party room and shadow cabinet, he believed 'the Australian people spoke pretty clearly … around the policies the Labor Party took,' adding the party was 'not really in the business of standing in the way of cost of living relief'. Labor will also seek to introduce its cost-of-living election promises, including the $150 energy rebate top up, the 30 per cent discount on home batteries, paid prac measures for student nurses, teachers, social workers and midwives, plus a $10,000 cash bonus for trainee builders who finish their construction apprenticeship. It will also begin work on legislating a two-week increase for Government Paid Parental Leave and laws to add superannuation on government paid parental leave, while also increasing the Super Guarantee to 12 per cent. Education Minister Jason Clare will also use the first sitting week to introduce Bills to tighten protection settings in childcare centres, including provision to allow anti-fraud officers to inspect centres with a warrant or police supervision. The Coalition has also said it's open to working with the government to get the Commonwealth to pull funding on centres which fail to meet safety standards after a Victorian former childcare worker Joshua Brown was hit with more than 70 child abuse charges. While Labor holds a thumping 94-seat majority, out of a total 150 seats, in the Lower House, the government will still need to negotiate with either the Greens (which hold 10 seats), the Coalition's 27 senators, or the 10-member crossbench. After an election bloodbath, the Coalition will return with a significantly reduced 43 seats, while the Greens have been reduced to a single seat. Ahead of the official opening of the 48th parliament, Sussan Ley warned that while the Coalition would 'provide a constructive path for any legislation that makes Australia stronger,' it's 'good will is not a blank cheque'. As it stands, the opposition has already vowed to fight Labor's proposed superannuation tax on balances over $3m, with the Coalition also set to eye accidentally released treasury advice to Jim Chalmers which urged him to consider new taxes to increase the budget outlook. 'Anthony Albanese is yet to explain why his departmental officials secretly advised the Treasurer that Labor would need to raise taxes on Australians,' the Opposition Leader said. 'We will seek answers on behalf of Australian taxpayers, not one of whom should face a new tax that they didn't vote for.' It will also continue to attack Labor over its handling of Australia-US relations, following further fallout from Donald Trump's tariff trade war, with Anthony Albanese yet to secure a meeting with the US President. Originally published as Labor to act on key cost-of-living promises like 20pc HELP debt wipe-out, paid prac, $150 energy rebate
West Australian
4 days ago
- Business
- West Australian
Labor to act on key cost-of-living promises like 20pc HELP debt wipe-out, paid prac, $150 energy rebate
Australians are weeks away from receiving a 20 per cent cut to their student debt, with Labor vowing to scrap HECS and HELP debt as the government's first priority once parliament resumes, following the government's landslide election victory. The changes will be applied to all student debts as they on June 1, 2025, with the average HELP debt of $27,600 set to receive a reduction of about $5520. The HECS reform will also reduce the repayment threshold for debts from $56,156 to $67,000. Rates of repayments will also be lowered then current levels, with someone on $70,000 paying $1300. Despite the Coalition not supporting the measure during the campaign, education spokesman Jonno Duniam said he expected the Bill to 'pass' parliament. Speaking to the ABC on Sunday, he said that while the legislation would still need to go through party room and shadow cabinet, he believed 'the Australian people spoke pretty clearly … around the policies the Labor Party took,' adding the party was 'not really in the business of standing in the way of cost of living relief'. Labor will also seek to introduce its cost-of-living election promises, including the $150 energy rebate top up, the 30 per cent discount on home batteries, paid prac measures for student nurses, teachers, social workers and midwives, plus a $10,000 cash bonus for trainee builders who finish their construction apprenticeship. It will also begin work on legislating a two-week increase for Government Paid Parental Leave and laws to add superannuation on government paid parental leave, while also increasing the Super Guarantee to 12 per cent. Education Minister Jason Clare will also use the first sitting week to introduce Bills to tighten protection settings in childcare centres, including provision to allow anti-fraud officers to inspect centres with a warrant or police supervision. The Coalition has also said it's open to working with the government to get the Commonwealth to pull funding on centres which fail to meet safety standards after a Victorian former childcare worker Joshua Brown was hit with more than 70 child abuse charges. While Labor holds a thumping 94-seat majority, out of a total 150 seats, in the Lower House, the government will still need to negotiate with either the Greens (which hold 10 seats), the Coalition's 27 senators, or the 10-member crossbench. After an election bloodbath, the Coalition will return with a significantly reduced 43 seats, while the Greens have been reduced to a single seat. Ahead of the official opening of the 48th parliament, Sussan Ley warned that while the Coalition would 'provide a constructive path for any legislation that makes Australia stronger,' it's 'good will is not a blank cheque'. As it stands, the opposition has already vowed to fight Labor's proposed superannuation tax on balances over $3m, with the Coalition also set to eye accidentally released treasury advice to Jim Chalmers which urged him to consider new taxes to increase the budget outlook. 'Anthony Albanese is yet to explain why his departmental officials secretly advised the Treasurer that Labor would need to raise taxes on Australians,' the Opposition Leader said. 'We will seek answers on behalf of Australian taxpayers, not one of whom should face a new tax that they didn't vote for.' It will also continue to attack Labor over its handling of Australia-US relations, following further fallout from Donald Trump's tariff trade war, with Anthony Albanese yet to secure a meeting with the US President.
Sydney Morning Herald
27-06-2025
- Business
- Sydney Morning Herald
All the changes coming on July 1, and what they mean for your wallet
The headline is that former asset-tested part-pensioner couples can get a $34.50 per fortnight pension increase, with the increase being $22.50 per fortnight for singles. Read the full story and see all the changes here. In Tasmania, meanwhile, those who fall under RBF Life Pensions, Interim Invalidity Pensions and Parliamentary Pensions will be indexed at 1.150 per cent, in line with the Consumer Price Index, on July 1. The most recent January indexation rate was 1.237 per cent. New parents with due dates from July 1 In a positive step for birthing parents and primary caregivers, most of whom are women who will retire with significantly less super than their male peers, earnings under Services Australia's Paid Parental Leave will accrue super for the first time from July 1. As part of the Albanese's government's improvement of the government-funded scheme, parents of children born or adopted from July 1 can also get an extra 10 days of paid leave, increasing the 22 weeks' paid leave to 24 weeks. From July 2026, that's expected to increase to 26 weeks, which new parents can claim up to three months before the child is expected to enter their care. Workers on the minimum wage Those under minimum award wages – estimated to be more than 2.6 million Australians – will see a pay increase of 3.5 per cent from the first full pay period either on or after July 1. Loading The Fair Work Commission has approved an increase to $948 per week, which is $24.95 per hour in a 38-hour week. This is up from last year's $915.90, which saw those working 38-hour weeks under minimum award wages paid $24.10 per hour. Workers paid under skilled visa income thresholds Also seeing a pay increase are those looking to be remunerated under skilled visas, with thresholds increasing by 4.6 per cent when annual indexation comes into effect. The Specialist Skills Income Threshold will increase from $135,000 to $141,210 for applications lodged from July 1, with the Core Skills Income Threshold and Temporary Skilled Migration Income Threshold increasing from $73,150 to $76,515. Applications lodged on or before June 30 will not have the new thresholds applied to them, and the new thresholds also won't affect existing skilled visa holders. People who receive Centrelink payments Some Centrelink payments will increase by 2.4 per cent on July 1 in a bid to help ease the rising cost of living for the more than 2.4 million recipients of social security payments across the country. This means the Family Tax Benefit (FTB) Part A maximum payment for children under 13 will increase to $227.36 per fortnight, with children 13 and over increasing to $295.82 per fortnight. FTB Part B's maximum rate, meanwhile, will increase to $193.34, and families with the youngest child aged five or over will see an increased rate of $134.96 per fortnight. Students who use public transport … in one state only July 1 means the South Australian government's cost-of-living measures come into effect, seeing the 28-day student MetroCard pass capped at a maximum price of $10. That's down from $28.60, meaning the average cost per trip will now be 25 cents. For students across the country, the Albanese government's 'game-changing' 20 per cent cut to outstanding HECS debt is expected to be legislated on July 22 when parliament returns. Once the legislation is passed, the Australian Taxation Office (ATO) will automatically apply the debt reduction, calculating it based on what the amount was on June 1, 2025, and adjust any indexation applied to the outstanding debt retrospectively. Businesses subject to payroll tax … in select states and territories If you're a business owner in Victoria, then you're in luck: from July 1, the payroll tax-free threshold will increase by $100,000 to $1 million for annual returns, and by $8333 to $83,333 for monthly returns. In the Northern Territory, meanwhile, the payroll tax-free threshold and maximum annual deduction increases from $1.5 million to $2.5 million on July 1, with the new annual deduction dropping to $1 for every $2 of taxable wages above the tax-free threshold. Previously, it was $1 for every $4. Households looking to install solar batteries Only one in 40 Australian households have installed solar batteries, a figure the Albanese government pledged to increase with rebates ahead of the May 3 election. From July 1, it's not just Australian households that will be eligible for an upfront 30 per cent discount on battery purchase and installation costs, but businesses and community organisations as well. This could shave $4000 off overall costs per new home battery with rooftop solar panels, though those systems would take a decade to pay for themselves. Read the full story here. Anyone in the superannuation accumulation phase … under a certain threshold Australians who are growing their superannuation balances through mandatory employer contributions, rejoice! From July 1, the general super guarantee rate increases to 12 per cent, up 0.5 per cent from last year. For those who live and work on Norfolk Island, that rate is increasing by one per cent from FY2024-25 to 10 per cent from July 1. The maximum super contribution base is decreasing by $2570 to $62,500, however, and those who have a super balance of more than $3 million may not be as happy come July 1. LOSERS Taxpayers with superannuation balances of more than $3 million July 1 will see one of Labor's key policies – and a test for Treasurer Jim Chalmers – officially come into effect, with roughly one in 200 Australian taxpayers with superannuation balances of more than $3 million facing an additional 15 per cent tax on any investment returns (including interest, dividends or capital gains) above this figure. For Australian taxpayers who have a superannuation balance of less than $3 million, the discounted taxation rate of 15 per cent on earnings from super in the accumulation phase will not change. Loading If you are someone with a $3.5 million super balance, for example, you will continue to be taxed the discounted 15 per cent rate on everything earned on the first $3 million of your super balance from July 1. It's the investment returns on the additional $500,000 that will be taxed at 30 per cent from that date. Read the full story and see all the changes here. Greater Sydney households cop wheelie bin fee hikes If the debate for the best Australian city was neck and neck, the new cost of picking up household rubbish may just put Sydney second-best. From July 1, residential domestic waste service fees will rise for 31 of Greater Sydney's 34 local councils, with some households expected to fork out more than four times above the current rate of inflation for standard bin collection services. Lane Cove Council's increase is the largest of any Sydney Council, up $76.75 to an annual fee of $637.76. Residents under Georges River Council's jurisdiction, however, will actually pay $13 less than the FY2024-25 fee. Read the full story and see the full rates list here. In other waste management news, Tasmania's water and sewage utilities provider, TasWater, is increasing its prices by 3.5 per cent, with the average Tasmanian residential customer expected to fork out an extra 12 cents per day. Hundreds of thousands of households with power bills In news that would surely elicit a quirk of the brow from Liberal Senator James Paterson, who spent weeks in the lead-up to the federal election crowing about Prime Minister Anthony Albanese's failure to deliver his promised $275 cut to residential power bills, hundreds of thousands of Australian households will pay more for electricity from July 1. Loading In May, the Australian Energy Regulator revealed its most recent round of annual price setting, increasing the maximum prices retailers can charge customers on standing power plans, from July 1, by up to 9.7 per cent in some hard-hit NSW areas and up to five per cent in certain parts of Victoria. From July 1, the average annual retail price for power in Victoria will be $1675, up $20 from the $1655 price set for the previous 12 months. Prices in NSW, meanwhile, vary between the state's three electricity distribution networks, with Ausgrid's default price increasing by $155, Endeavour Energy up $188 and Essential Energy rising by $228. Read the full story here. Snail mail enthusiasts and Australia Post customers Australians who want to send letters overseas face a weighted average increase of five per cent from July 1, Australia Post says, with several retail products and services – including mail redirection and return-paid parcels – either increasing in price or discontinuing. Domestic Parcel Post prices are increasing by a weighted average of 1.95 per cent, with Express Post costs also increasing by a weighted average of 1.52 per cent. Separately, on June 23, the Australian Competition & Consumer Commission (ACCC) said it did not object to Australia Post's proposed 13.3 per cent stamp price increase, which would see the price of ordinary letters, for example, increase from $1.50 to $1.70. Unless Minister for Communications Anika Wells disapproves the proposal within 30 days of receipt, it's expected the notified letter prices will be increased by Australia Post from July 17. Criminals in Queensland Penalty unit rates are being indexed by the Queensland government from July 1, meaning people convicted of a crime will pay $5.60 more per penalty unit for most offences under state legislation. This means someone who is fined for driving without a licence – one of the most common criminal traffic offences in Queensland – facing the fine of up to 40 penalty units could pay $6676 instead of what would have been $6452 in the previous 12 months. The Commonwealth penalty unit, meanwhile, was increased from $313 to $330 in 2024. People who pay their tax late and don't know about this subtle change The ATO is officially cracking down on latecomers, closing the door on some tax deductions to encourage prompt tax payments and compensate the community for the cost of delays. Loading According to Mark Chapman, HR Block's director of tax communications, any interest the ATO charges for overdue or unpaid tax debts, or other fees, will no longer be tax-deductible. Currently, the ATO's general interest charge is 11.17 per cent, compounding daily. Read the full story here. With David Barwell, Mike Foley, Millie Muroi, Dominic Powell, Noel Whittaker.
The Age
27-06-2025
- Business
- The Age
All the changes coming on July 1, and what they mean for your wallet
The headline is that former asset-tested part-pensioner couples can get a $34.50 per fortnight pension increase, with the increase being $22.50 per fortnight for singles. Read the full story and see all the changes here. In Tasmania, meanwhile, those who fall under RBF Life Pensions, Interim Invalidity Pensions and Parliamentary Pensions will be indexed at 1.150 per cent, in line with the Consumer Price Index, on July 1. The most recent January indexation rate was 1.237 per cent. New parents with due dates from July 1 In a positive step for birthing parents and primary caregivers, most of whom are women who will retire with significantly less super than their male peers, earnings under Services Australia's Paid Parental Leave will accrue super for the first time from July 1. As part of the Albanese's government's improvement of the government-funded scheme, parents of children born or adopted from July 1 can also get an extra 10 days of paid leave, increasing the 22 weeks' paid leave to 24 weeks. From July 2026, that's expected to increase to 26 weeks, which new parents can claim up to three months before the child is expected to enter their care. Workers on the minimum wage Those under minimum award wages – estimated to be more than 2.6 million Australians – will see a pay increase of 3.5 per cent from the first full pay period either on or after July 1. Loading The Fair Work Commission has approved an increase to $948 per week, which is $24.95 per hour in a 38-hour week. This is up from last year's $915.90, which saw those working 38-hour weeks under minimum award wages paid $24.10 per hour. Workers paid under skilled visa income thresholds Also seeing a pay increase are those looking to be remunerated under skilled visas, with thresholds increasing by 4.6 per cent when annual indexation comes into effect. The Specialist Skills Income Threshold will increase from $135,000 to $141,210 for applications lodged from July 1, with the Core Skills Income Threshold and Temporary Skilled Migration Income Threshold increasing from $73,150 to $76,515. Applications lodged on or before June 30 will not have the new thresholds applied to them, and the new thresholds also won't affect existing skilled visa holders. People who receive Centrelink payments Some Centrelink payments will increase by 2.4 per cent on July 1 in a bid to help ease the rising cost of living for the more than 2.4 million recipients of social security payments across the country. This means the Family Tax Benefit (FTB) Part A maximum payment for children under 13 will increase to $227.36 per fortnight, with children 13 and over increasing to $295.82 per fortnight. FTB Part B's maximum rate, meanwhile, will increase to $193.34, and families with the youngest child aged five or over will see an increased rate of $134.96 per fortnight. Students who use public transport … in one state only July 1 means the South Australian government's cost-of-living measures come into effect, seeing the 28-day student MetroCard pass capped at a maximum price of $10. That's down from $28.60, meaning the average cost per trip will now be 25 cents. For students across the country, the Albanese government's 'game-changing' 20 per cent cut to outstanding HECS debt is expected to be legislated on July 22 when parliament returns. Once the legislation is passed, the Australian Taxation Office (ATO) will automatically apply the debt reduction, calculating it based on what the amount was on June 1, 2025, and adjust any indexation applied to the outstanding debt retrospectively. Businesses subject to payroll tax … in select states and territories If you're a business owner in Victoria, then you're in luck: from July 1, the payroll tax-free threshold will increase by $100,000 to $1 million for annual returns, and by $8333 to $83,333 for monthly returns. In the Northern Territory, meanwhile, the payroll tax-free threshold and maximum annual deduction increases from $1.5 million to $2.5 million on July 1, with the new annual deduction dropping to $1 for every $2 of taxable wages above the tax-free threshold. Previously, it was $1 for every $4. Households looking to install solar batteries Only one in 40 Australian households have installed solar batteries, a figure the Albanese government pledged to increase with rebates ahead of the May 3 election. From July 1, it's not just Australian households that will be eligible for an upfront 30 per cent discount on battery purchase and installation costs, but businesses and community organisations as well. This could shave $4000 off overall costs per new home battery with rooftop solar panels, though those systems would take a decade to pay for themselves. Read the full story here. Anyone in the superannuation accumulation phase … under a certain threshold Australians who are growing their superannuation balances through mandatory employer contributions, rejoice! From July 1, the general super guarantee rate increases to 12 per cent, up 0.5 per cent from last year. For those who live and work on Norfolk Island, that rate is increasing by one per cent from FY2024-25 to 10 per cent from July 1. The maximum super contribution base is decreasing by $2570 to $62,500, however, and those who have a super balance of more than $3 million may not be as happy come July 1. LOSERS Taxpayers with superannuation balances of more than $3 million July 1 will see one of Labor's key policies – and a test for Treasurer Jim Chalmers – officially come into effect, with roughly one in 200 Australian taxpayers with superannuation balances of more than $3 million facing an additional 15 per cent tax on any investment returns (including interest, dividends or capital gains) above this figure. For Australian taxpayers who have a superannuation balance of less than $3 million, the discounted taxation rate of 15 per cent on earnings from super in the accumulation phase will not change. Loading If you are someone with a $3.5 million super balance, for example, you will continue to be taxed the discounted 15 per cent rate on everything earned on the first $3 million of your super balance from July 1. It's the investment returns on the additional $500,000 that will be taxed at 30 per cent from that date. Read the full story and see all the changes here. Greater Sydney households cop wheelie bin fee hikes If the debate for the best Australian city was neck and neck, the new cost of picking up household rubbish may just put Sydney second-best. From July 1, residential domestic waste service fees will rise for 31 of Greater Sydney's 34 local councils, with some households expected to fork out more than four times above the current rate of inflation for standard bin collection services. Lane Cove Council's increase is the largest of any Sydney Council, up $76.75 to an annual fee of $637.76. Residents under Georges River Council's jurisdiction, however, will actually pay $13 less than the FY2024-25 fee. Read the full story and see the full rates list here. In other waste management news, Tasmania's water and sewage utilities provider, TasWater, is increasing its prices by 3.5 per cent, with the average Tasmanian residential customer expected to fork out an extra 12 cents per day. Hundreds of thousands of households with power bills In news that would surely elicit a quirk of the brow from Liberal Senator James Paterson, who spent weeks in the lead-up to the federal election crowing about Prime Minister Anthony Albanese's failure to deliver his promised $275 cut to residential power bills, hundreds of thousands of Australian households will pay more for electricity from July 1. Loading In May, the Australian Energy Regulator revealed its most recent round of annual price setting, increasing the maximum prices retailers can charge customers on standing power plans, from July 1, by up to 9.7 per cent in some hard-hit NSW areas and up to five per cent in certain parts of Victoria. From July 1, the average annual retail price for power in Victoria will be $1675, up $20 from the $1655 price set for the previous 12 months. Prices in NSW, meanwhile, vary between the state's three electricity distribution networks, with Ausgrid's default price increasing by $155, Endeavour Energy up $188 and Essential Energy rising by $228. Read the full story here. Snail mail enthusiasts and Australia Post customers Australians who want to send letters overseas face a weighted average increase of five per cent from July 1, Australia Post says, with several retail products and services – including mail redirection and return-paid parcels – either increasing in price or discontinuing. Domestic Parcel Post prices are increasing by a weighted average of 1.95 per cent, with Express Post costs also increasing by a weighted average of 1.52 per cent. Separately, on June 23, the Australian Competition & Consumer Commission (ACCC) said it did not object to Australia Post's proposed 13.3 per cent stamp price increase, which would see the price of ordinary letters, for example, increase from $1.50 to $1.70. Unless Minister for Communications Anika Wells disapproves the proposal within 30 days of receipt, it's expected the notified letter prices will be increased by Australia Post from July 17. Criminals in Queensland Penalty unit rates are being indexed by the Queensland government from July 1, meaning people convicted of a crime will pay $5.60 more per penalty unit for most offences under state legislation. This means someone who is fined for driving without a licence – one of the most common criminal traffic offences in Queensland – facing the fine of up to 40 penalty units could pay $6676 instead of what would have been $6452 in the previous 12 months. The Commonwealth penalty unit, meanwhile, was increased from $313 to $330 in 2024. People who pay their tax late and don't know about this subtle change The ATO is officially cracking down on latecomers, closing the door on some tax deductions to encourage prompt tax payments and compensate the community for the cost of delays. Loading According to Mark Chapman, HR Block's director of tax communications, any interest the ATO charges for overdue or unpaid tax debts, or other fees, will no longer be tax-deductible. Currently, the ATO's general interest charge is 11.17 per cent, compounding daily. Read the full story here. With David Barwell, Mike Foley, Millie Muroi, Dominic Powell, Noel Whittaker.
Yahoo
16-06-2025
- Business
- Yahoo
All the major money changes coming from July 1 impacting every Aussie: '$47,000 boost'
There are huge changes coming into force in the next few weeks that will have major implications on certain aspects of Australian life. July 1 marks the beginning of the new financial year, and it's usually a time when certain systems are updated. Your mandatory employer superannuation contributions will be going up, along with the national minimum wage, and some Centrelink payments will also get a small boost. Some residents will also have to fork out more for their electricity, while parents will get an increase in their Paid Parental Leave. Here's a handy list of what to expect in the coming weeks. Centrelink issues urgent deadline warning for lump sum payment ATO superannuation warning as deadline for $30,000 deduction fast approaches Aussie mum's $1,200 electricity bill shock sparks warning for millions At the moment, your employer has to pay a minimum of 11.5 per cent of your salary to your superannuation fund. At the beginning of the next financial year, that will jump to 12 per cent. That is the final legislated increase for compulsory super payments after going up 0.5 per cent every year since 2021. For someone on $100,000 per year, that's an additional $500 in your super account every 12 months. If they had another 30 years left of work, that would add more than $47,000 to your retirement nest egg. The transfer balance cap, which limits the total amount of super that can be transferred into the retirement phase, will also increase by $100,000 from $1.9 million to $2 million. The maximum super contribution base, which is used to determine the highest limit on any individual employee's earnings base for each quarter of any financial year, will decrease from $65,070 to $62,500. Find out more Fair Work Commission revealed earlier this month how much the national minimum wage would increase by. It's currently $24.10 per hour, which works out to $915.90 per 38-hour week or $47,626.80 per year. But this will be hiked by 3.5 per cent on July 1 to $24.90 per hour, or $948 per week. This comes after Prime Minister Anthony Albanese backed an 'economically sustainable real wage increase' for minimum and award wage earnings. Find out more here. Paid Parental Leave (PPL) will increase to 120 days or 24 weeks after being set at 110 days or 22 weeks. If your child was born after July 1 last year, you'll be able to get the current rate of the Centrelink payment. However, if your child is born after July 1 this year, parents will benefit from the extension. Not only that, but superannuation will start being paid on PPL. This means parents getting the support will get an extra 12 per cent of their payment as a contribution to their super fund. Find out more here. From July 1, you won't be able to claim the interest on overdue tax debts as a tax deduction. The General Interest Charge (GIC) and Shortfall Interest Charge (SIC) will no longer be tax-deductible, which is expected to boost tax revenue by $500 million in 2026 and 2027. The ATO applies the GIC when a tax debt hasn't been paid by the due date, including where a tax return has been lodged late. Find out more here. Millions of Centrelink recipients will see a small increase in their payments in the coming weeks from July 1 as part of regular indexation to ensure the cash boosts keep up with the rising cost of living. That includes payment increases for families receiving the Family Tax Benefit A and B, the Multiple Birth Allowance, and the Newborn Supplement. Around 2.4 million Australians will benefit from the latest round of indexation, which will see a range of rates, thresholds and limits increase by 2.4 per cent. That equates to payment increases of between $4.48 to $48. Income and asset thresholds will also be increased for recipients of the Age Pension, Disability Support Pension and Carer Payment. Find out more here. Your energy bills are set to go up following the start of the new financial year. AGL's prices will increase by 13.5 per cent in NSW, 7.8 per cent in South Australia, 7.5 per cent in Queensland and 6.8 per cent in Victoria from July 1. NSW customers will see their bills go up by as much as an extra $300 a year, based on medium usage. This comes after energy regulators announced its default prices for the new year, which will see standard energy plans rise by up to $228. But the government has announced a new $150 energy rebate, which will be given out in two $75 instalments over the two remaining quarters of 2025. Find out more here. This is an extra tax you have to pay if you earn over a certain amount and don't have private health insurance. Singles who earn over $101,000 and families who earn over $202,000 and don't have appropriate hospital insurance will now have to pay the surcharge. This is up from $97,000 and $194,000, respectively. Find out more here.
