Friday, August 12, 2022

The New Financial Year: What’s Changed?

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George Soto
George Soto
George Soto is a national journalist with nearly 15 years. While studying journalism at Chicago, George found a passion for finding currency stories. George mostly covers cryptocurrency, NFT, blockchain and other business related issues.

The 30th of June has passed, which, as we all know, means the previous financial year has come to a close. As is customary at the start of each new financial year, there are new changes that are put in place to see us through the next 12 months. Some of these changes will appeal to the general public and may have a positive impact on our lives. But some changes may seem like they are doing us a disservice. Read on if you want to find out what’s going to change in this next year.


Minimum Wage Increase

Something that will have a big impact on many people is the minimum wage increase. This will be set in motion from the 1st of July and will raise minimum wage from $649 a week to $719. The Fair Work Commission’s Annual Wage Review will effect the country’s lowest paid workers, who will receive a roughly 3.5% pay rise.


Power Prices Drop

After the huge power price increases last year, you’ll be pleased to hear that both AGL and Origin Energy are dropping their prices slightly. AGL will be dropping their electricity prices by 0.3% in NSW 1.6% in Queensland and 0.4 in South Australia. Electricity rates for Origin customers in NSW and ACT will remain the same, however Queensland and South Australia will see drops of 1.3% and 1%. These aren’t the drastic changes we saw last year, but at least our energy prices are beginning to drop.


Toll Increase

One not so pleasant change is the increase in toll charges. The tolls won’t go up by much, with the biggest jump being the Eastern Distributor which has been put up by 8 cents- from $7.31 to $7.39. Most other toll roads will only see an increase of between 2 and seven cents, these include the Lane Cove Tunnel and the Hills M2 Motorway. However, the tolls on the Harbour Bridge in Sydney and the Harbour tunnel will not rise.


Parking Fine Reduction

Several parking fine offenses will receive a 25% cut in the new financial year. Some of these include: parking for longer than permitted, parking without a ticket displayed, parking after the ticket has expired and stop in a restricted parking area. The government is pushing local councils to lower minimum fines from $110 to $80.


Opal Fare Increase

Opal cards are supposed to make public transport cheaper and easier for commuters, but it feels as though prices keep going up. This is true of the reforms in the new tax year. As of July 2nd the fares will increase by 2.2%. This means that on average commuters will be paying about 39 cents more per week.


It is a bit of a mixed bag this year, some of the changes will be quite beneficial, some of them not so much. At least its not all bad news, with the minimum wage rising and the power prices dropping. Hopefully you’re now a bit more prepared for the coming changes this in the new financial year.

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