It's a new financial year. Here's what's changing.
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Good morning and welcome to The Daily Oz. It's Wednesday the 1st of July. I'm Emma Gillespie. I'm Zara Seidler. Today marks the start of a new financial year. Happy new financial year to those who celebrate. But what it means is a raft of new measures are now in effect. from a pay rise for 2.7 million workers to tax and super changes and even a bit of a change to text messages and a variety of new federal and state-specific laws. We are going to take you through all the 1 July updates in today's Deep Dive, but first you're going to hear a quick message from TDA co-founder, Sam.
Hi, my name's Sam. I'm the co-founder of The Daily Oz. Firstly, thank you for watching and listening to this podcast today. When Zara and I started this company almost 10 years ago, we did not think that we would get to where we are today, but we've got a long way to go. And for us to continue to get excellent guests and continue to hire journalists who bring you the explainers that you love, we need to show the world that we've got a following behind us, and you can help with that. If you're listening on Spotify or Apple, just go to our podcast show page and the follow button will be there at the top. And if you're watching on YouTube, you can press subscribe. Enjoy today's episode and thank you for being part of this TDA community.
Em, I was in a shopping centre on the weekend, like my least favourite place to find myself, especially on a weekend.
What changes are taking effect with the new financial year?
And I was walking behind a mother and son and the mother was explaining how a financial year works to her son. Really? And I just heard him say, but I don't understand why we have another calendar. And I've never resonated with anything more. Like talk to me about quarters and you will get a blank look in return. But what I do know is that we're in a new one now.
We're in a new one now.
That's my level of understanding that I'm going by. Very confusing. Let's just stick to one calendar. However, a new financial year brings with it a whole heap of new changes. We always do a post that's like, good morning, it's July 1. Here's everything in your life that's changed. So let's start from the top. What is the biggest headline that you think our listeners need to know about this morning?
Well, Well, not to confuse you further, Zara, but it's a new financial year here in Australia, not the case in other economies. The UK has a new financial year in April. The US is later in the year. So it's ridiculous. There are many, many calendars moving at any different time. But I think the big headline today is that nearly 3 million workers are receiving a pay rise. a 4.75% pay rise from today for workers on award wages. Now, they are industry-specific pay rates for sectors like hospitality, retail, and then for another 100,000 workers on the national minimum wage, they'll get an even bigger increase, a 6% pay rise. That will take the hourly rate on the minimum wage from $24.95 to to $26.44. There's also a bunch of other collective agreements that have pay rises that kick in from today.
So with that in mind, the ACTU, the big union of all unions, is urging workers to be on top of their next pay slips, make sure that their raise has actually come through.
Yeah. And so just to be really clear, that's not for everybody. If you are working outside of an award situation, then you might not be receiving that pay rise, but obviously depends individual to individual. Exactly. Okay. So that's wages. I want to stick on a theme of money because superannuation is changing. Usually when it comes to this time of the year, The change is that the superannuation guarantee has gone up. But my understanding is that hasn't happened this year.
Yes. So the mandatory super repayments for your employer aren't changing. There was back-to-back years of consecutive increases there. So that rate stabilised last year after consecutive increases at 12%, remains at 12%.
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