As of 1 July 2025, a few changes came into effect, and some of them might save you money this financial year!

The new financial year often brings a mix of cost increases and tax time admin, but this year, several updates might leave you better off. From tweaks to superannuation and parental leave, to shifts in pension eligibility and minimum wage, we've wrapped up the most important July 1 changes that could affect your finances and your future.

Here are the key changes worth knowing about:

1. Super Guarantee Increased to 12%

After years of gradual rises, the super guarantee (SG) is now officially 12% as of 1 July. That means more money going into your super over time, which is especially valuable if you're early or mid-career.

Tip: If you're on a total remuneration package, the increase may come out of your take-home pay. It’s worth checking in with your employer.

A 30-year-old earning $100,000 could potentially have an extra $125,000 in super at retirement due to this change.

2.  Paid Parental Leave Just Got Better

Birthing parents and primary carers are now eligible for 24 weeks of paid leave (up from 22). Importantly, for the first time those payments will accrue super. A small but significant win in helping close the retirement savings gap for women.

3. Minimum Wage Increase

More than 2.6 million workers will see a 3.5% increase in the minimum wage and wages set under awards will rise the same amount too. This will deliver an additional $32 a week for the country’s lowest paid workers.

4. Pension Thresholds Have Increased

The rate of the age pension for asset-tested couples will increase by $34.50 a fortnight for couples and $22.50 a fortnight for singles. With changes to the asset-test cutoff points too, retirees could find themselves with a little more in the bank.

5. HECS Relief On The Way

Although not yet legislated, the government is expected to pass a whopping 20% reduction to HECS-HELP debt balances, applied retroactively from 1 June. Once passed, the ATO will automatically apply the adjustment. Great news for anyone struggling under the weight of their student loans.

6. Other Cost-of-Living Relief

  • Centrelink Payments Indexed Up by 2.4%
    This includes increases to Family Tax Benefit rates, such as $227.36 per fortnight for children under 13.
  • Paid Student Placements Introduced
    Students enrolled in some mandatory teaching, nursing, midwifery and social work placements are now eligible for a $331.65 weekly allowance.
  • Solar Battery Rebates Available

Only 1 in 40 Australian households have solar panels installed – a figure the Albanese government pledged to increase ahead of May’s election. Rebates are now available for battery purchase and installation costs, and they’re not just available for households but for businesses and community organisations too. This is a timely incentive as energy costs continue to rise.

7. Skilled Visa Income Thresholds Increased

For employers and skilled visa applicants, the Specialist Skills Income Threshold has risen to $141,210, with other thresholds also increased. This affects new applications lodged from 1 July.

How IAS can help

Whether you're navigating new thresholds, updating your super, or reviewing your insurance strategy, now's a great time to revisit your financial plan.

At IAS, we help you stay on top of the changes that matter. Because sometimes, what you don't know can cost you, and what you do know can make all the difference.

Talk to us today about how IAS can help you navigate the future with confidence. Call us anytime on (02) 8268 2900 for an obligation-free chat.

Disclaimer: The information contained in this article is general in nature and does not consider your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.