As January 1 ushers in a new year, it also brings a variety of changes across Australia, affecting welfare payments, laws, taxes, and wages. Key updates include a 3.8% rise in welfare payments for over one million Australians, alongside increased income thresholds for certain beneficiaries. However, not all payments see a rise, as some, like rent assistance, are adjusted in March and September.
Passport fees have also increased, with a 10-year adult passport now costing $412, while the Medicare safety net thresholds have risen, impacting the amount individuals must pay before receiving enhanced health subsidies. Stricter penalties for wage theft have been introduced, enabling significant fines for employers who underpay staff.
A pay rise for aged care workers is now in effect, with adjustments set for October. Notably, prices for medications listed under the Pharmaceutical Benefits Scheme will remain unchanged for the year, an exception to the usual trend.
Moreover, other regulatory changes include modifications to student visa processes and a rise in foreign capital gains withholding tax. The introduction of new regulations surrounding the import of engineered stone and climate change risk disclosures for large companies are also noteworthy. Additionally, further adjustments will occur, such as an alcohol excise increase in February and a boost in superannuation contributions scheduled for July.