Major Financial Changes in Australia: What You Need to Know

Major Financial Changes in Australia: What You Need to Know

As we step into the new financial year, several significant changes are set to impact the Australian financial landscape. From superannuation increases to new tax rules, these changes will affect everyone, including first-home buyers, aged care workers, and even international students. As a leading mortgage broker, Advanced Lending is here to guide you through these changes and help you navigate the financial year ahead.

Good News for First-Home Buyers

One of the most exciting changes is the stamp duty exemption for first-home buyers in New South Wales.
Starting July 1, first-home buyers won’t need to pay stamp duty on homes worth up to $800,000, with a concessional rate for homes worth up to $1 million.

This change could save first-home buyers a significant amount of money, making it easier to step onto the property ladder.

If you’re considering buying your first home, our team at Advanced Lending can help you understand how this change could benefit you.

Changes in Aged Care

The aged care sector will also see significant changes, with at least one registered nurse required to be on site 24/7 in aged care facilities.

Additionally, the Australian Government is committing $11.3 billion to implement a 15% pay rise for aged care workers, which will be rolled out over the next four years.

Rental Relief and Telco Bill Hike

In Queensland, legislation will limit rent increase frequency to once every 12 months, providing some relief for renters.

However, Australians will also face a hike in telecommunication bills, with major companies like Telstra, Optus, and Vodafone announcing price increases.

Migration Changes and Education Shake Up

The Temporary Skilled Migration Income Threshold (TSMIT) will be increased to $70,000, providing a pathway to permanent residency for certain visa holders.

The education sector will also see changes, particularly in the early childhood education sector, with adjustments to the National Quality Framework.

Electricity Pain and Energy Relief

Electricity prices are set to increase by between 20 and 25 per cent from July 1, impacting about 600,000 customers in South Australia, Queensland, and NSW.

However, working families earning under $120,000 a year will secure energy rebates worth up to $500, providing some relief from the electricity price hike.

New Tax for Victorians and Firearms Crackdown

Victorians will face a new windfall gains tax on land subject to government rezoning resulting in a value uplift of more than $100,000.

In Western Australia, certain types of firearms and ammunition will be outlawed.

Boost for Farm Workers and New Cosmetic Surgery Rules

The Western Australian Industrial Relations Commission (WAIRC) has updated the state Farm Employees Award, introducing new provisions for part-time employees.

Cosmetic surgery rules will also change, requiring patients to obtain a referral from their GP before seeking cosmetic surgery.

Disaster Ready Fund

The Australian Government will establish the Disaster Ready Fund (DRF) from July 1, providing up to $1 billion over the next five years to improve Australia’s recovery and response capability.

As we navigate these changes, Advanced Lending is here to support you. Whether you’re a first-home buyer, an investor, or looking to refinance, our team of experienced mortgage brokers can provide you with the advice and support you need. We’re committed to helping you understand these changes and how they may impact your financial decisions.

In conclusion, the new financial year brings with it a raft of changes that will affect many Australians. It’s important to stay informed and understand how these changes might impact your financial situation.

Whether you’re a first-home buyer, a renter, or an aged care worker, these changes could have significant implications for your financial future.

At Advanced Lending, we’re committed to helping you navigate these changes. Our team of experienced mortgage brokers can provide you with personalised advice and guidance, helping you make informed decisions that align with your financial goals.

As we move into this new financial year, we encourage you to reach out to us with any questions or concerns you may have. We’re here to support you through these changes and beyond, helping you achieve your financial goals no matter what the future holds.

Remember, understanding these changes is the first step towards making the most of your financial future. So, let’s embrace the new financial year with confidence and optimism, knowing that at Advanced Lending, we’re always here to help.


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