Advertisement

The wins and losses of new financial year changes

The cost of building a large-scale nuclear power plant in Australia would be at least $8.5 billion, according to the CSIRO and the energy market operator.

The cost of building a large-scale nuclear power plant in Australia would be at least $8.5 billion, according to the CSIRO and the energy market operator. Photo: AAP

Households are facing a surge of up to 25 per cent in their power bills, as the new financial year brings a raft of new changes.

The Australian Energy Regulator will increase the cost of electricity between 20 and 25 per cent, heaping more pressure on people managing soaring cost of living pressures, including persistent inflation and biting interest rate rises.

Among the new government policies coming into effect from July the first, is an increase in the childcare subsidy which will benefit 1.2 million families and help lift workforce participation.

For a family earning $120,000 with one child in care, their costs will be about $1700 a year less than they otherwise would be.

Workers will see the super guarantee increase from 10.5 per cent to 11 per cent, with the nation’s employees on minimum wage to see their pay packets rise by 5.75 per cent.

Aged-care workers will receive a 15 per cent pay rise, with nurses able to earn an extra $10,000 a year on an award wage.

People will be able to grab their medicines at more locations, with community pharmacies being paid more by the government for dispensing PBS listed drugs.

On housing, the government is expanding eligibility for the home guarantee scheme and making 50,000 new places available.

The National Housing Finance and Investment Corporation’s liability cap will receive a $2 billion boost, to support more lending to community housing providers for social and affordable housing projects.

University graduates will see their loans increase by 7.1 per cent.

On taxes, small and medium size businesses will be able to claim an additional 20 per cent deduction on spending in a bid to support efficient energy use and electrification.

For migrants, New Zealanders who have been living in the country for four years or more will be able to apply to become Australian citizens.

The temporary skilled migration income threshold will lift from $53,900 to $70,000, and UK citizens will be able to apply for a working holiday visa up until the age of 35, up from 30.

— AAP

Stay informed, daily
A FREE subscription to The New Daily arrives every morning and evening.
The New Daily is a trusted source of national news and information and is provided free for all Australians. Read our editorial charter
Copyright © 2024 The New Daily.
All rights reserved.