What’s Changing for Australians This Financial Year (2024–25): Key Updates from July 1
How Life Will Change for Australians from 1 July 2024
As the new financial year begins, millions of Australians will experience changes in how they earn, spend, and save money. From adjustments to the minimum wage to reforms in superannuation, pensions, and rental laws, both federal and state governments have introduced a wave of regulatory updates that come into effect on 1 July 2024.
Here’s a comprehensive summary of the key changes Australians need to be aware of this financial year:
National Reforms
1. Minimum Wage Increase
The national minimum wage will rise by 3.5%, bringing it to $948 per week or $24.95 per hour, effective from the first full pay period after 1 July. Award rates across various industries will increase by the same margin.
2. Pension Adjustments
Income and asset test thresholds for the Age Pension will increase by 2.4%, allowing pensioners to earn and hold more before their payments are affected.
3. Superannuation Guarantee Uplift
The superannuation guarantee rate rises to 12% for all eligible employees. However, the maximum super contribution base will decrease from $65,070 to $62,500 per quarter.
4. Parental Leave Pay
Families will benefit from an increase in Parental Leave Pay, now up to 120 days (or approximately 24 weeks) for children born or adopted on or after 1 July.
5. Skilled Migration Thresholds
Income thresholds for skilled visa holders will increase. The Temporary Skilled Migration Income Threshold rises to $76,515, while the Specialist Skills threshold increases to $141,210.
6. Tobacco Product Changes
Stricter national rules on tobacco will include:
A ban on flavoured and menthol cigarettes
Standardised packs with new health warnings
Limit of 20 cigarettes per pack
Bans on descriptors like "smooth" or "gold"
State-by-State Changes
New South Wales
Tobacco Licensing: Retailers must now notify NSW Health and comply with a licensing scheme.
Portable Long Service Leave: Workers in the community services sector gain access to long service leave after 7 years across multiple employers.
Rental Reforms: Easier access for renters to install accessibility infrastructure, clearer rules on assistance animals, and simplified approvals for minor renovations.
Strata Law Updates: New protections for strata owners, fairer committee duties, and stronger sustainability provisions.
Community Land Law Reforms: Greater support for sustainability changes and accessibility improvements in shared property spaces.
Victoria
Slow Down for Safety: Drivers must reduce speed to 40km/h near roadside workers and slow-moving vehicles with flashing lights.
Tobacco Licensing: Tougher enforcement with licences required and penalties up to $829,878 or 5 years' imprisonment for breaches.
Liquor Licensing Simplified: Certain licensed venues may no longer require separate planning permits.
Payroll Tax Threshold: The threshold rises to $1 million annually and $83,333 monthly.
Electricity Costs: The Victorian Default Offer will be set at $1,675.
Queensland
Social Housing Reviews: Annual rent and eligibility checks for social housing tenants return.
Penalty Unit Increase: Fines will be indexed from $161.30 to $166.90 for most offences.
Western Australia
Public Sector Reforms: New departments focusing on energy, economic diversification, and defence industries will begin operation.
Solar Battery Rebates: Rebates up to $1,300 (Synergy) and $3,800 (Horizon Power) for residential solar batteries.
South Australia
Student MetroCard Relief: A 28-day student MetroCard will now cost just $10, reducing daily travel costs to around 25 cents per trip.
Tasmania
Pension Indexation: Life, invalidity, and parliamentary pensions will be indexed at 1.150%.
TasWater Price Hike: Average residential water bills will rise by around 12 cents per day.
Electoral Reform: New transparency rules for political donations and public funding commence.
Northern Territory
Payroll Tax Reform: Threshold increases to $2.5 million, with matching deductions.
Australian Capital Territory (ACT)
Criminal Age Reform: The minimum age of criminal responsibility increases from 10 to 14.
Short-Term Rental Levy: A new levy applies to accommodation booked for 28 days or less.
Public Service Restructure: Major directorate mergers and the creation of Digital Canberra to streamline service delivery.
What This Means for You
From business owners adjusting payroll contributions to parents planning for new leave entitlements, the ripple effects of these reforms will be widely felt. At Renown Lending, we’re here to help you navigate financial change with confidence.
Whether you're a small business facing new tax thresholds or a family looking to maximise your entitlements, we offer tailored financial solutions and expert support to help you stay ahead.
Need funding support or strategic advice for FY 2024–25?
📞 Call us today on 1300 626 771 or visit our website at www.renownlending.com.au
About Renown Lending
Renown Lending is one of Australia’s most trusted non-bank lenders, supporting everyday Australians, small business owners, and property developers with fast, flexible and fair lending solutions. Backed by private investors and powered by experienced finance professionals, we’re committed to helping you thrive—whatever the financial year brings.
