July the 1st, marks the start of a new financial year, a time for sales and tax returns, but it is also the date many recent government decisions come into effect. Those changes range from penalty rates to power prices to a rise in politicians' pay. MP Singh brings you the details.
Electricity bills will rise around the country this financial year, by as much as 15 to 20 per cent in some states. The biggest rises for homes and businesses will be in New South Wales and South Australia, with the average Adelaide business to pay an extra $1,500 over the next 12 months. At the other end of the spectrum, there is a 2 per cent pay rise for politicians, with Prime Minister Malcolm Turnbull's salary to rise by around $10,000. There are changes to superannuation, too, including an $80,000 reduction in the cap on after-tax contributions.
And high-income earners will be affected by a new $1.6 million cap on tax-free superannuation accounts for pensions.
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