Some of the new law changes effective from the 1st of July 2022
Written and accurate as at: Jul 06, 2022 Current Stats & Facts
Wage rise.
Australia's minimum wage has increased to $21.38 an hour, following a decision by the Fair Work Commission to raise wages by 5.2 per cent. In total, this works out to be $812.60 per week.
Increased super contributions.
The super guarantee — the proportion of wages that employers must contribute to their worker's retirement savings — has increased half a per cent a year before reaching a final value of 12 per cent by 2025. This means the superannuation guarantee has increased to 10.5 per cent and will rise by 0.5 per cent per year.
First Home Super Saver (FHSS)
An existing scheme that allows a first home buyer to access their superannuation to help purchase a house is being expanded slightly. The First Home Super Saver (FHSS) scheme began in 2017 and aimed to help buyers boost their savings for a deposit. Under the FHSS scheme, first-home buyers can use voluntary super contributions of up to $15,000 each financial year to assist with the purchase of their first home. The amount will increase from $30,000 to $50,000.
Note: You can only withdraw money that you've contributed to super — not contributions made by your employer.
Downsize home and upsize super
From today, if you are 60 years or older, you may be able to contribute up to $300,000 from the proceeds of the sale, or part sale, of your home into your superannuation fund. Previously, downsizer contributions were only available to those aged 65 and older.
Some of the eligibility criteria you must satisfy are:
- The home must be in Australia and owned by you or your spouse for at least ten years
- The disposal must be exempt or partially exempt from capital gains tax
- You have not previously made a downsizer contribution to your super from the sale of another home or the part sale of your home.
Energy prices
We're all bracing for higher electricity prices to kick in from July 1, but just how steep the increase will depend on each state or territory. The cost of power bills will rise after the Australian Energy Regulator (AER) updated its default market offer — a cap on how much electricity retailers can charge customers. There's no blanket answer to how much energy costs will rise Australia-wide because it differs from state to state. Regulators say power bills will increase by 18.3 per cent in NSW, 12.6 per cent in Queensland and decrease by 1.25 per cent in the ACT.