The lives of millions of Australians are going to change next week.
Tuesday, July 1, marks the start of a new financial year and will see the introduction of sweeping changes from state and federal governments.
For some, these changes will mean more cash in the back pocket.
Support for students and apprentices
The government is reducing student loan debts by 20%, and they are also raising the minimum income threshold for Australians to begin repaying their loans to $67,000 (pending legislation approval).
Eligible nursing, midwifery, teaching and social work students will be able to $319.50 per week in Commonwealth Prac Payments from July 1.
New tradespeople entering apprenticeships in housing construction will receive a $10,000 incentive payment, in addition to their regular wages.
Australian households will receive another $150 in energy bill relief from July 1, as will about one million small businesses.
Under the Cheaper Home Batteries program, the government will subsidize around 30% of the expenses for installing a battery system along with solar panels for homes and businesses aiming to cut down on their energy costs.
Surprising state where households fork out most for electricity
From July 1, Australians receiving the age pension will benefit from adjusted income and asset thresholds designed to better keep up with inflation.
The cut-off point has been lowered from $481,500 to $470,000 for couples and from $321,500 to $314,000 for singles.
As a result, couples who are asset-tested will receive a $34.50 fortnight increase to their age pension payments, while singles will receive an extra $22.50 per fortnight.
National disability insurance scheme
The NDIS will introduce a number of changes this week, such as lowering the maximum rates providers can charge some NDIS participants, and removing establishment fees for participants.
Disability support workers will be pleased to hear they’ll also get a 3.95 per cent pay increase from July 1.
