- Employers bragging about assistance with the cost of living
Anthony Albanese The administration has pledged that life will become more manageable starting July 1 with the introduction of new assistance aimed at tackling the cost-of-living crisis.
Minimum wage workers, new parents, tradie apprentices and families are set to be the big winners during the start of the next financial year.
Inflation Has also decreased from recent three-decade peaks, yet items such as rent and insurance continue to rise significantly. The $75 quarterly electricity rebate will come to an end by the conclusion of 2025.
Treasurer Jim Chalmers Has noted that additional assistance will be arriving next week.
The Albanese Labor Government is providing additional genuine, practical, and sustained assistance with cost of living "For Australians, additional support will be rolled out next week," he stated.
This offers more accountable and significant support for families.
However, in the meantime, Chalmers has asked the Australian Competition and Consumer Commission to monitor gasoline prices closely, as tensions between Israel and Iran drive up crude oil prices over $US70 per barrel—resulting in drivers now facing fuel costs of $2 per liter for unleaded.
"We aim to ensure that service stations do not mistreat Australian drivers," he stated to reporters in Brisbane on Tuesday.
Despite the fluctuating global oil prices, we urge service stations to act responsibly towards their customers.
We have granted authority to the ACCC to utilize its oversight capabilities ensuring that service stations act appropriately towards Australian drivers.
As the cost-of-living crisis continues to affect numerous Australians, help is set to arrive next week.
Approximately 2.9 million Australian workers who receive award wages or the minimum wage will see their salaries increase by 3.5 percent starting July 1st. This raise is more substantial compared to the current inflation rate of 2.4 percent.
On June 3rd, the independent Fair Work Commission issued an order stating that the minimum hourly rate would be increased to $24.95, resulting in a weekly full-time salary of $948 or an annual income of $49,296.
However, the government claimed responsibility for the $1,669 yearly rise for the 200,000 Australians at the minimum wage level.
"The Albanese Labor government is fulfilling our promises made during last month’s election by implementing various initiatives worth billions of dollars starting from July 1st," Chalmers stated.
Starting July 1, mandatory employer superannuation will increase to 12 percent from 11.5 percent, and super contributions will be made for paid parental leave as well.
Paid parental leave is being extended to 24 weeks, an increase from the previous 22 weeks.
The yearly income caps will go up as well — the single person’s threshold will rise to $180,007 whereas the family limit will climb to $373,094.
Apprentices starting out in housing construction will be eligible for an additional payment of $10,000 as an incentive, alongside their regular salaries, throughout the duration of their apprenticeship program.
This encompasses $2,000 installments at six-month intervals, one year, two years, and three years.
Several family benefits will also be rising on July 1.
Recipients of Family Tax Benefit Part A will have their maximum payment for children under 13 increase to $227.36 per fortnight.
For kids who are 13 years old or older, the amount will go up to $295.82 every two weeks.
The highest amount for Family Tax Benefit Part B will rise to $193.34. Families whose youngest child is five years old or older will see their benefit increase to $134.96 every two weeks.
The Social Services Minister, Tanya Plibersek, welcomed the assistance with living costs.
"The top priority of the Albanese Labor Government is tackling the pressure caused by rising living costs," she stated.
Certain elements will be retroactive from June 1st. With Labor returning to power on a pledge to reduce university students' debt by 20%, equating to approximately $5,520 per individual on average, this would amount to a total expense for taxpayers of around $16 billion.
However, additional income tax relief must be deferred until July 1, 2026, at which point the current 16 percent tax rate for those earning between $18,201 and $45,000 will drop to 15 percent, resulting in savings of approximately $268.
Starting from July 1, 2027, the tax rate will decrease to 14 percent, providing savings of $536 over a period of two years.
This indicates that each Australian taxpayer with an income over $45,000 will receive an additional tax reduction of $268 in the fiscal year 2026-27 and $536 starting from 2027-28.
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