December 30th 2024.
On January 1st, a new year begins and many will be nursing hangovers from the previous night's celebrations. But aside from the usual post-party headaches, there are also several changes taking effect across the country. These include adjustments to welfare payments, new laws, tax changes, and pay increases. Here are the main ones you need to know about.
Welfare payments will be increasing by 3.8%, which will benefit over one million Australian recipients of youth allowance, Abstudy, and Austudy. This means that youth allowance will see an increase of $17.30 to $24.30 per fortnight, and single students will receive between $24.30 and $30.60. Carers will also see an extra $5.80 per fortnight. Additionally, the income test will be adjusted so that people can earn slightly more and still qualify for the maximum payment. However, it's important to note that not all welfare payments will be increasing, as some, such as rent assistance, are indexed in March and September.
In addition to welfare payments, other costs will also be on the rise. Passports will become more expensive as the yearly fees are indexed to match inflation. This will push the cost of a 10-year passport to over $400. The Medicare safety net will also be increasing, meaning individuals and families will need to pay more before receiving increased public health subsidies. The original safety net will increase from $560 to $576, while the extended safety net will rise from $811 to $834 for concession card holders and from $2544 to $2615 for those without concession cards.
Starting January 1st, employers who intentionally underpay their staff will face significant criminal penalties under new workplace legislation. This includes fines of up to $8.25 million or three times the amount of wages stolen, and individuals may face up to 10 years in prison and fines of up to $1.65 million or triple the value of the wage theft. On a more positive note, aged care workers will receive a pay increase of between 2.3 and 13.5% starting on January 1st, with some employees receiving the raise in two stages.
Aside from these changes, there are a number of other adjustments taking place. For example, student visa applications will be changing, and there will be an overhaul of foreign capital gains withholding. It will also be illegal to import engineered stone into the country, and large companies will be required to disclose their climate change-related risks and opportunities. Later in the year, the alcohol excise will be re-indexed, and the Reserve Bank's new dual-board structure will come into effect. And as always, there will be changes on July 1st with the new financial year, including an increase in the superannuation guarantee from 11.5% to 12%.
Make sure to stay informed about all these changes by downloading the 9NEWS app, which will keep you up-to-date on breaking news, sports, politics, and weather. It's available on both the Apple App Store and Google Play.
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