Explore the latest developments concerning New financial year,.
New financial year, new rules and how today's changes affect your wallet
A tweak to the lowest taxation rate will leave most workers slightly better off. (ABC News: Sharon Gordon)
Today marks the beginning of a new financial year, with a host of new rules coming into effect.
Tap the boxes below to find out how these changes could impact you.
The federal government is cutting the tax rate on income between $18,201 and $45,000 from 16 per cent to 15 per cent from today.
The tax brackets will remain the same, but the rates will now look like this:
The above rates do not include the Medicare levy of 2 per cent.
This will benefit everyone earning more than $18,201, not just people in the tax bracket between $18,201 and $45,000.
Australia news LIVE: Pay rise kicks in, Iran negotiations planned
This masthead’s chief political commentator James Massola has won press gallery journalist of the year for his insightful analysis of the internal machinations within both the Labor and Liberal parties.
You can read an example of Massola’s typical insightful journalism here in this cogent analysis of how the new right was reshaping the federal Liberal Party and modern politics.
This follows political correspondent Natassia Chrysanthos winning the award for young press gallery journalist of the year last week.
And with that happy news for all of us here, we bring tonight’s live coverage to a close.
Less than 24 hours ago, the Coalition and the Greens teamed up to kick Labor’s lukewarm gambling ad crackdown to another committee.
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1 July changes: minimum wage rises, payday super, parental leave tweaks and everything else coming for 2026–27
New financial year will also see a tax cut, more anti-price-gouging measures and SMS sender ID changes designed to protect against scam texts
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A bump to minimum wage, a change to how often superannuation is paid and more paid parental leave days are among the changes coming into effect on 1 July.
The end of financial year is typically when state and federal governments introduce a range of new policies. So whatâs new and who will be affected?
About 2.8 million Australians on award and minimum wages will get a pay increase of 4.75%. The lowest-paid workers â about 100,000 people who are on minimum pay and entry-level rates â will receive a 5.97% bump.
For more detailed information, explore updates concerning New financial year,.