What's new from July 1? A new financial year rings in a raft of changes in Australia. Here's how your money could be impacted.
We're at the tipping point between taking down the Christmas lights on the back deck, or just letting them stay 'til December.
Amid this challenging decision, some key financial changes have just kicked in.
Here's what you need to know.
1. Your wage
Around 2.9 million Australians are set to enjoy a (slightly) fatter pay packet next payday.
The minimum wage has just risen by 3.5% to $24.95 per hour or $948 per 38-hour week. The uptick will also apply to minimum award wages starting July 1.
2. Your parental leave
New parents can look forward to 120 days (24 weeks) of Paid Parental Leave (an increase of 10 days) for babies born or adopted from July 1, 2025.
In another win for families, super contributions will now be paid at 12% of Paid Parental Leave to mums and dads who take time off to care for a baby.
3. Your super
More than three decades after the Superannuation Guarantee was launched, employer super contributions have finally reached their peak rate of 12% of ordinary time earnings.
It could see today's 30-year-olds retire with an extra $20,000 in super.
It's not such good news if your employment contract includes a 'total remuneration package'. If that sounds like you, the 0.5% rise in employer-paid super could mean a cut to take-home pay.
If you're growing super through salary sacrifice, take a minute to check the increase in employer contributions won't push you past the $30,000 annual cap on before-tax contributions.
4. Your retirement income
An increase in income and asset thresholds (reflecting inflation) will mean more seniors may either be entitled to a part-pension, or move to a full Age Pension.
As a guide, from July 1 a single home owner can own $321,500 in assets before the pension starts to reduce, up from $314,000 in 2024-25. The threshold for couples has risen from $470,000 to $481,500.
More broadly, social security payments will increase by 2.4%.
5. Your student income
Tertiary students completing practical placements as part of a degree in teaching, nursing, midwifery, or social work can now access a weekly payment of $319.50 during their placements.
July 1 also sees the minimum repayment threshold for student loans rise from $54,435 to $67,000. Repayments will be based on income above the new $67,000 threshold rather than being based on total annual income. For a graduate earning $70,000 this can deliver a saving of $1300 in annual HECS debt repayments.
6. Your power bills
July heralds the start of energy price hikes. How much your power bill rises depends on where you live, your provider and the plan you're on.
Household power bills could surge up to 3.7% in SE Queensland, 3.2% in SA, and by as much as 9.7% in NSW. See if you could save with a different provider by heading to the Energy Made Easy website.
As a small token of relief, every household and around one million small businesses will receive $150 in energy bill relief before the end of the year.
Or, if your home is among the 4 million residences with rooftop solar, you can now take advantage of the Cheaper Home Batteries Program (CHBP).
The scheme, which launched on July 1, offers a 30% subsidy on the cost of a solar battery - a potential saving of around $4000. The CHBP can be used in conjunction with various state-based solar incentives.