Today is 1 July — the first day of the 2024/25 financial year.
Today, several laws and initiatives announced at an earlier date have come into effect.
Changes from 1 July
Australians will pay less tax from today as part of ‘Stage 3’ tax cuts. Someone earning an $80,000 salary will receive a $1,679 tax cut under the new system.
Each Australian household will receive a $300 reduction to its energy bill, under a cost-of-living initiative included in May’s Federal Budget.
Each Australian household will receive a $300 reduction to its energy bill, under a cost-of-living initiative included in May’s Federal Budget.
Parents will now be able to access 22 weeks of. This will rise to 24 weeks next year, before topping out at 26 weeks in 2026.
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Some welfare payments for families will increase as part of regular indexation changes.
Employees will now be paid an 11.5% superannuation rate, a rise from 11%. The superannuation guarantee will rise again to 12% this time next year.
The sale of vapes outside of pharmacies will be banned from today. Adults will still be allowed to buy medicinal vapes from pharmacies without a prescription.
Those on temporary Australian visas won’t be able to apply for a student visa while in Australia from today. This is aimed at stopping temporary holders from continuously extending their stay in Australia.
A ban on the use, supply and manufacture ofwill come into effect today, in response to safety concerns about the material.
The fee for acquiring a passport valid for 10 years has risen from $346 to $398 today. Australians will now also be offered a new five-day ‘fast-track’ option for receiving a passport.
