New financial year brings tax cuts and pay rises

The 2024-25 financial year introduces several economic changes for Australians. Tax cuts reduce the lowest bracket from 16% to 15%, saving workers $268 annually, while 2.8 million workers receive a 5% minimum wage increase to over $1,000 per week. Additional changes include payday superannuation payments, expanded paid parental leave to 26 weeks, and fuel excise increases adding approximately $10 to a tank of petrol.See omnystudio.com/listener for privacy information.