Wrap up of key money changes aussies should know about in 2024

We are all looking for ways to save money where we can, so it helps to know if there are any government or industry changes that might mean a win for you in 2024, and also be prepared for the ones that are not.

We’ve rounded up a list of some key money changes that are taking place this year around Australia that could affect you, and the balance of your savings account.

6% boost to Youth, Student and Carer Support Payments 

If you are one of the 936,000 people who receive Youth Allowance, Austudy or Carer support payments from Centrelink, you’ll receive a 6% boost starting from Jan 1 due to indexation. This means: 

• $46.60 a fortnight more if you are on Youth Allowance and Austudy
• $86.00 a fortnight with supplementary increases for Abstudy
• Under 21s on disability support pension an increase of $44.90, and
• $8.70 for the carers allowance.

6% increase to Medicare safety net threshold 

The amount of money that people will have to pay for out of pocket medical expenses has also increased. 

• On the Original Medicare Safety Net for concessional and non-concessional individuals and families, the safety net will go up to $560.40, after which 100% of expenses are reimbursed.
• The Extended Medicare Safety Net will increase to $811.80 for concessional individuals and families and $2544.30 for non-concessional, after which 80% of expenses are reimbursed.

$60 weekly cap on tolls in NSW

There is a new weekly cap for NSW drivers of $60 on tolls (up to a max of $340 per week). The scheme automatically accrues from Jan 1 and claims will open from April. 

Motorists are still eligible to apply for the 40% toll relief rebate. More info at Services NSW.

$4000 work boost for aged pensioners and veterans

The amount of money that aged pensioners and veterans can earn before their government support payments are reduced has increased to $11,800.

Free preschool in QLD & the ACT

• Queensland is offering free preschool for children the year before they start school. 15 hours a week for 40 weeks a year at a government approved program. 
• ACT will offer free preschool for three-year-olds at select providers for up to 300 hours a year.

Super guarantee rate increases to 11.50% from 1 July 

Employer compulsory super contributions will increase by a further 0.50% on 1 July to 11.50%.  Check out our super guarantee rate guide for more details. 

Temporary land tax introduced in Victoria

While family homes are exempt, a temporary land tax surcharge will be introduced for the next 10 years.

• For land valued between $50,000-$100,000 the surcharge will be $500
• For land valued between $100,000-$300,000 the surcharge is $975, and 
• Land over $300,000 will be charged $975 plus 0.1 percent of the taxable value
• Increased penalties for land vacant for more than 1 year

Rebates and Vouchers 

To help with the rising cost of living, both state and federal governments have a range of rebates and vouchers available - from electricity, back to school, learn to swim to green initiatives. To learn more about what’s available in your state:

• NSW Concessions, Rebates 
• Services Victoria
• Queensland Savers 
• South Australia
• Western Australia  
• Northern Territory Savings Finder
• ACT
• Tasmania concessions and discounts

Make your money count for more

Of course, here at Mozo we are always  looking for ways that we can help make your money count for more. We track over 2000 financial and insurance products and always recommend regularly checking in on your household products and services to compare and make sure that you are continually getting the best deal you can. 

• Compare home loans 
• Find a high interest savings account
• See if you could save on car insurance 

For more ways to save, check out our Cost of Living and our family finances Hubs.