Cost of living relief measures come into force today

July 1 marks the new financial year and a raft of changes to government payments are coming into force. With an election around the corner and cost of living biting hard this year, there are more than usual. The biggest changes are the stage three income tax cuts, which the Morrison government legislated in 2018 and tweaked by the Albanese in May’s budget. About 2.6 million Australians who earn minimum wage will get a 3.75 pay increase. Superannuation is also set to change, with employers required to pay 11.5 per cent, up from 11 per cent, and paid parental leave being boosted by two weeks. Labor’s electricity bill rebates are being rolled out as well, with $75 deducted from every household’s power bill per quarter.