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
Tax cuts: 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.
Cheaper energy: Each Australian household will receive a $300 reduction to its energy bill, under a cost-of-living initiative included in May’s Federal Budget.
Wage increase: Each Australian household will receive a $300 reduction to its energy bill, under a cost-of-living initiative included in May’s Federal Budget.
Parental leave: Parents will now be able to access 22 weeks of paid parental leave. This will rise to 24 weeks next year, before topping out at 26 weeks in 2026.
Welfare increase: Some welfare payments for families will increase as part of regular indexation changes.
Super increase: 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.
Vape ban: 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.
VIsa shake-up: 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.
Engineered stone: A ban on the use, supply and manufacture of engineered stone will come into effect today, in response to safety concerns about the material.
Passport changes: 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.
