Tax cuts, energy rebates and wage rises: SkyNews.com.au reveals all the cost of living measures coming into force today as Aussies weather cost of living pressures
The Consumer Sentiment Tracker also found the majority of Australians, about 76 per cent, were stressed about their current financial situation. Originally, the stage three cuts would have seen those earning $200,000 or above receive a break of $9,075 per year, roughly double the relief set to pass under the modified version.
"Our decision today is to increase the national minimum wage and all modern award minimum wage rates by 3.75 per cent, effective from July 1, 2024," Mr Hatcher said. Caps on super contributions are also set to increase in the new financial year, with the before-tax contribution cap in 2024-25 set at $30,000, up from $27,500 in 2023-24.On July 1 next year, the government will also begin paying super on paid parental leave.
A centrepiece component of the government's $7.8 billion cost of living package, the proposal has proven controversial, with economists arguing it could risk adding to inflation and making it harder for the RBA to steady the economy.Beginning today, welfare recipients will see a small boost to their fortnightly payments which comes as an annual indexing increase.