July 1 money changes: What households can expect

Millions of Australians will be getting a financial shake-up this week, with various money-related parts of your life being impacted on July 1.

The changes will impact pay, taxes, superannuation and household bills, but Nine money editor, Effie Zahos, is here to explain it all.

“Say you’re a worker who is on the award wage or minimum wage, you’ve got kids in childcare, or maybe you are receiving a government subsidy, then you are going to see a bit of a boost in your wallet,” Effie said.

“But that boost will be short-lived, because at the same time, motorists will be slammed with the fuel excise subsidy going down by 16c, we’ve got tolls changing depending on where you live, so that’s going to eat into that as well.”

Energy prices are all also changing from July 1, although they are going up and down depending on where you live in Australia.

“So at the end of the day, all these changes are good to see… but are they going to solve the cost of living? Absolutely not,” Effie said.

From July 1, Effie explained superannuation concessional contributions will go up from $30,000 to $32,500.

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Ask Effie: Your money questions answered

“What that means is you can pump more in there and even claim a tax deduction if you happen to reach those thresholds,” Effie said.

“From July 1 your boss has to pay your super the day you get your pay as well, I don’t know if a lot of these small businesses will be ready, I can tell you about 60 per cent weren’t doing it other than the quarterly amount before payday super, so this will trip up many small businesses.”

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.