All the personal finance changes you need to know about from July 1

July 1 finance changes

The end of the financial year is speeding towards us, but this year you can expect a major spate of changes to your finances come July 1. 

Here’s everything you need to know to get your head around all of the changes happening:


Even though the same thresholds apply for income tax rates for the financial year 2023-2024, there are some major changes coming from July 1. 

Most notably, the income threshold for the Medicare Levy for those who don’t have private health insurance will be increased. Singles will be charged this surcharge if they earn over $93,000 (up from $90,000), while couples will be charged if they are earning over $186,000 combined (up from $180,000). 

There are also changes for those doing their 2022-2023 tax returns, including a change to the fixed rate for calculating work from home expenses, and an end to the Low Middle Income Tax Offset (LMITO). 

The LMITO will also not be available in the coming year. However, there will still be a Low Income Tax Offset (LITO), for those eligible earning up to $66,667 per year.


Unfortunately no sweeping announcements to make here – but the good news is that the minimum wage is finally rising. 

Falling just under the rate of inflation, minimum wage is increasing by 5.75% to $882.80 per week ($23.20 per hour). Award workers will also get a bump in their pay, rising by 8.6%. 

australian family using gas and electricity in kitchen to cook meals

Energy bills

From July 1, a new set of default market offers (DMOs) will come into play for those who don’t negotiate a better deal. These regulation prices are paid by some 700,000 Australian households. 

Your energy bills could soar by between 19.6% to 24.9% with controlled load and 20.8% to 23.9% without, depending on your region, according to the Australian Energy Regulator. Small businesses are facing increases of 14.7% to 28.9%.

In some states, you could be paying more than $500 extra year-on-year. It’s time to do some negotiating – and to consider switching providers if you can find a better deal elsewhere.

There is some good news: for those most in need of relief from the sting of high energy costs, a National Energy Bill Relief plan is being introduced. The full energy rebate details differ from state to state, but those eligible in 2023-2024 will include low income households, pensioners, concession holders, eligible small businesses, and more.


Things will be changing slightly in the world of superannuation as well. 

There has been much talk about the higher taxation to superannuation balances of over $3 million, which will be hit with a 30% tax rate. This should only impact some 80,000 Aussies.

Many more Australians will be affected by the change to the super guarantee rate, which is rising from 10.5% to 11%. This will continue to rise by 0.5% each financial year until it has hit the target of 12% in 2025. This has the long-term goal of better preparing Aussies for their retirement.

The temporary 50% reduction on superannuation drawdown for pensioners, introduced during COVID-19, will also end with the new financial year on July 1.


Plans to expand the national Home Guarantee Scheme (which includes the First Home Guarantee, the Family Home Guarantee, and the Regional First Home Guarantee) take action on July 1. This means that you will now be able to enter into the First Home Guarantee as a pair of friends or siblings, rather than a couple.

You may also benefit from the broadening eligibility requirements if you do not own a home now and have not in over ten years, but are not a first home buyer. Permanent residents may now also apply for the schemes, rather than just Australian citizens.

Depending on where you live, there may also be other changes starting on July 1. For example, July signals the start of new stamp duty regulations in NSW, raising the stamp duty exemption from $650,000 to $800,000 and raising the threshold for stamp duty concessions from $800,000 to $1 million. 

lady with mobile phone bills

Phone bills

Telstra, the largest mobile provider in the country, will be bumping up its prices from July 1. This will mean an extra $3 – $6 per month for its 18.8 million retail customers. That’s an extra $36 – $72 per year for a single person, and for families could mean a few hundred more dollars on their annual spend.

Often shopping around could net you a better deal when it comes to mobile phone plans. Mozo’s Experts Choice Awards for Mobile highlight some of the standouts when it comes to value for money on the market.


New parents and parents-to-be might want to take note. Paid parental leave is increasing from 18 weeks (with 2 weeks secondary carer leave) to 20 weeks, split between parents in whichever fashion they choose.

Families earning less than $350,000 combined salary will also have access to an increased childcare subsidy. The maximum subsidy will also be raising from 85% to 90% for those eligible. 

For families receiving the Family Tax Benefit (Part A and B) Centrelink payments, this is also set to increase to help ease cost of living pressures.

happy older australians smiling


Wondering when you can claim your pension? From July 1, this goes up to 67 (if you were born on or after 1 January 1957). You will still need to meet the regular residence rules, income test, and assets test.

Car Prices

When we said everything was changing, we weren’t kidding! Changes to the Luxury Car Tax threshold take place from July 1, with the threshold increasing to $89,332 (up from $84,916) for fuel efficient cars and $76,950 (up from $71,849) for all other vehicles.

This means that more cars will avoid this additional tax, and could result in cheaper overall car prices.

Student and Working Holiday Visas

July 1 will see the return to work hour restrictions on certain student visas, which were eased during the COVID-19 pandemic to fill worker shortages. This will generally revert to a 48 hour cap per fortnight, with those working in aged care exempt until 31 December 2023.

Similarly, working holiday visa limitations have also been reintroduced after temporarily being relaxed. These now allow for six months of continuous work, not including any work done prior to July 1. 

With the new financial year, a lot of changes are coming – and it’s important to be prepared. That might mean calling up your lender, switching your provider, or putting in some extra legwork, but it could also mean making some serious savings in the long run.

With so many changes on the horizon, you'll want every cent to stretch further. Compare some top high interest savings accounts at Mozo to see how your money could do more.

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