Depending on where you live, June and July can be a dreary time of year in Australia, weather-wise. The further south of the Tropic of Capricorn you are, the more likely your days are short and cold. The new financial year on 1 July signals that the days are getting longer, but not yet warmer.
Some Australians love the colder months, but the many who don’t welcome any brightness added during this period. And the new financial year will add a bit of brightness and relief to at least some older Australians.
What will the new financial year bring?
On the financial front, the past 12 months haven’t been easy for most Australians. Interest rates rose consistently, and inflation, while showing signs of slowing, remains high. There aren’t many things that command the same or lower price than this time last year.
So what new financial year relief is at hand? Well, for those living in NSW, Queensland, South Australia or Tasmania, energy rebates are here. Advice from the Department of Energy indicates that people living in those states are eligible for a $500 return.
In Queensland, many will be able to claim more in addition to the $500. The state government will knock a further $550 off the electricity bill for 2.2 million eligible households. And for householders deemed ‘vulnerable’, many of whom are pensioners, another $150 discount will be applied.
Victoria has an existing $250 rebate per eligible household, and a $250 windfall through Victoria’s 2023 Power Saving Bonus payment. West Australians can get either a $500 electricity credit split over two payments or a $400 electricity credit, depending on circumstances.
There’s new financial year relief for those in the territories, too. If you live in the Northern Territory, you can get $350 per eligible household, and in the ACT, $175. The large-scale feed-in tariff scheme will also lower the average bill in the ACT by $152.
Are there other new year benefits?
Yes. If you are still gainfully employed, your employer superannuation contributions from 10.5 per cent to 11 per cent. This change takes effect on 1 July.
For pensioners there are also increases, $14 per fortnight for singles and $24 per fortnight for couples. For part-pensioners the news gets even better. A change in what is known as ‘taper rates’ means part-pensioner couples could get an increase of $100 a fortnight. Singles will get $65 extra a fortnight if they come under the assets test.
And in a change that will provide a non-financial relief, new aged care rules are coming into force on 1 July. Australian residential aged care homes will have mandatory registered nurses on-site and on duty 24 hours a day. This applies to all homes unless they have been granted a 12-month exemption.
Will the new financial year bring any improvement to the weather where you are? Probably not, but you might be able to get a little bit of hip pocket relief if you’re lucky. Happy new financial year to you!
What does the new financial year mean to you? Will you benefit from any of the changes on 1 July? Let us know in the comments section below.
Also read: Can I replace my paid work with a part pension?
