Starting July 1, some legislative changes may impact your household budget for better or worse.
Electricity bill prices going up
The price of your electricity bill is set to soar by up to 25 per cent, depending on where you live.
The Australian Energy Regulator warned that price increases will affect South Australia, New South Wales and south-east Queensland.
Low-income families and some small businesses will receive a one-off payment of up to $500 per eligible household. The rebate varies between states and territories with the relief directly applied to electricity bills.
Changes to paid parental leave
Paid parental leave will now be combined with the two week dad and partner pay, meaning partners can claim up to 20 weeks or 100 days of paid leave between them. Single parents can claim up to 20 weeks.
The government has also removed the requirement for parents to return to work to be eligible for the leave.
First home guarantee more inclusive
Friends or siblings can buy a home together under the First Home Guarantee Scheme with the government expanding the eligibility from just couples to any two eligible individuals.
The eligibility for the first home guarantee that allows first-time buyers to buy a home with a deposit as low as 5 per cent will become more inclusive extending the definition of single parents to include legal guardians.
Pay rise for workers on minimum wage
The minimum wage will be increased by 5.75 per cent to $23.23 per hour or $882.80 per week.
The Fair Work Commission also increased the minimum wage by 15 per cent for most employees working in the aged care sector.
IN OTHER NEWS:
Medicare levy surcharge threshold increases
The threshold for the Medicare levy will increase for singles from $90,000 to $93,000 and from $180,000 to $186,000 for families before tax applies.
International students working restrictions are back
The cap on working hours for international students will return on July 1 after being temporarily halted during the COVID-19 restrictions.
The working hours for student visa holders have increased by 8 hours per week to a maximum cap of 48 hours per fortnight.
International students already working in the aged care sector have an exception to work unrestricted hours until the end of the year.
The visa applications fees will be hiked up with the working holiday visa rising by 15 per cent and the business innovation and investment visa, for prospective business owners, to increase by 40 per cent, from $9,195 to $12,873.
Cheaper child care
Child care subsidy will increase for families earning under $530,000 from July 10. Families that are earning up to $80,000 will have an increased subsidy from 85 per cent to 90 per cent. The changes will be applied automatically.
Other price changes include Australia Post changing letter and parcel service prices from July 3 and road tolls changing across many states and territories.
