The new financial year is not just about digging out receipts; come the 2025/2026 fiscal calendar, several new measures are set to take effect.
From 1 July, Australians will have greater access to paid parental leave, solar batteries are expected to be taken up at increased rates, and workers in a specific role could score a $10,000 bonus.
Thresholds increased
In a number of circumstances, Australians will be able to earn more before having to pay more in the new financial year.
The thresholds for the Medicare levy surcharge are set to increase.
This surcharge is paid by Australians who earn over a certain amount and don’t have adequate private hospital cover.
As of 1 July, a single person can earn up to $101,000 without incurring the charge, up from the current limit of $97,000.
Those with student loans will be able to earn slightly more before having to pay back their HELP debt.
While the threshold was $54,435 in 2024-25, in the new financial year, only those earning above $67,000 will have to make payments.
Repayments will also be calculated differently, with repayment amounts based on the income amount above the new threshold, rather than on total annual income as had been the case.
Australia's lowest-paid workers will receive a pay boost from 1 July, with the national minimum wage increasing by 3.5 per cent.
The new rate will be $24.95 per hour, or $948 per week, based on a 38-hour week. The Fair Work Commission's decision, handed down earlier this month, affects more than 2.6 million Australians and will take effect from the first full pay period on or after 1 July.
Millions of Australians will also experience a boost to their Centrelink payments, with a 2.4 per cent increase to help ease the rising cost of living.
For families receiving Family Tax Benefit (FTB) Part A, the maximum rate of payment for children aged under 13 will increase to a new rate of $227.36 a fortnight. For children aged 13 or over, the rate will increase to $295.82 a fortnight.
The maximum rate of FTB Part B will increase to $193.34, and for families with a youngest child aged five or over, the rate will increase to $134.96 a fortnight.
The FTB has been increased annually since its introduction in 2000, under both Labor and Coalition governments.
Social Services Minister Tanya Plibersek said in a statement the payments are essential for helping families manage the cost of raising children and that indexation is one way the government is making sure support keeps pace with inflation.
Super increase
The superannuation guarantee, which is the minimum amount employers must contribute to their employees’ super, is set to rise from 11.5 per cent to 12 per cent.
The new rate applies to all salary and wages paid on or after 1 July, even if the work was performed before that date.
Along with the increase, the federal government will start paying superannuation on its paid parental leave scheme for the first time.
The paid parental leave superannuation contribution will apply to parents receiving government-funded parental leave pay on or after 1 July.
Paid parental leave overhaul
From 1 July, Australian families will benefit from a more generous paid parental leave scheme, with the amount of government-funded leave increasing from 20 to 22 weeks.
This is part of the federal government's plan to progressively expand the scheme to 26 weeks by July 2026, the equivalent of six months of paid leave. Once fully rolled out, families will receive around $24,000 in total support following the birth or adoption of a child.
The policy is designed to give parents more time at home with their newborns and greater flexibility in how leave is taken. Parents can choose to take leave separately or at the same time, and spread it across two years, allowing for a staggered return to work or shared caregiving.
Battery discounts
The federal government aims to reduce reliance on wider power grids by offering rebates of approximately 30 per cent on home batteries for home solar systems.
While this investment would require an out-of-pocket spend, Labor estimates households who take up the offer could save between $1,100 and $2,300 each year on energy bills.
$10k training incentive
A program that will provide eligible apprentices working in housing construction with $10,000 in incentive payments over the course of their apprenticeship will take effect as of 1 July.
Designed to encourage more people into the housing construction industry, the Key Apprentice Program was announced in response to the Strategic Review of the Australian Apprenticeship Incentive System, which found that cost of living pressures were deterring people from commencing an apprenticeship.
Apprentices will receive $ 2,000 at 6, 12, 24, 36 months, and upon completion of their apprenticeship.
Immigration changes for skilled workers
The government has made changes to Australia's skilled visa program in an effort to reduce worker exploitation and attract talent.
A new Core Skills Occupation List will replace the existing Skilled Occupation List, focusing on roles with genuine shortages.
Employers will have to meet stricter criteria, including offering market salary rates and proving they've advertised the job locally.
The Department of Home Affairs also announced that income thresholds for skilled visas will increase by 4.6 per cent.
This change will not apply to existing visa holders and nominations lodged before 1 July 2025.
Increased costs
It's not all good news when it comes to the future finances.
Financial comparison site Canstar is warning that electricity prices are due to rise in NSW, Victoria, south-east Queensland, South Australia and the ACT.
Canstar insights director, Sally Tindall said default electricity prices would rise on 1 July by over 9 per cent in some cases, for households on default electricity plans.
"Electricity price hikes will be a harsh blow for many families," she said.
"The government’s extension of the Electricity Bill Rebate will help take some of the sting off through to the end of the year; however, for big families, particularly in NSW, where some of the largest price hikes are slated, this temporary rebate won’t even touch the sides."
Canstar also expects postage prices to rise.
The cost of sending international parcels, mail services, and ID products at Australia Post is expected to increase, alongside changes to products and service discontinuations.
Road rules get tougher
NSW will introduce harsher penalties for drivers using their mobile phones.
From 1 July, those caught using their phone behind the wheel, even while stationary at traffic lights, can be fined up to $1,209 and lose five demerit points.
In Victoria, the road rule requiring drivers to slow down to 40 km/h for emergency responders will now include tow truck, roadside assistance and incident response workers.
Queenslanders will experience a 3.4 per cent increase in vehicle registration fees, as well as higher traffic fines.
Nationally, AI-powered surveillance cameras capable of detecting mobile phone use will be rolled out, as governments crack down on distracted driving.
