From July 1, these financial changes will directly impact your income and lifestyle — Sydney property auction clearance rate at 70%

Week’s Key Focus

As the end of the financial year approaches, July 1 will usher in a series of changes that directly affect your wallet. While many have long viewed the new financial year as relevant only to businesses, in reality, it marks a key date for a host of legislative and policy updates that impact nearly every Australian—covering superannuation, tax, wages, parental leave, and pension entitlements.

First, the superannuation guarantee rate will officially rise to 12%, meaning employers must contribute more to their employees’ retirement funds. This is a significant boost for long-term retirement savings. For example, a 30-year-old earning $100,000 annually could end up with an additional $125,000 in super by retirement. In addition, government-paid parental leave will be extended from 22 to 24 weeks and, for the first time, will include super contributions—an important step toward closing the gender super gap and supporting young families financially.

The minimum wage and pension payments are also increasing. The national minimum wage will rise to $24.94 per hour, delivering about $32 more per week for low-income earners. Age pension recipients will see a modest boost—$34.50 more per fortnight for couples and $22.50 for singles—providing some relief amid rising living costs. On the downside, the ATO will scrap the tax deduction for interest charges on overdue tax payments. With the general interest charge now at 11.17% and compounding daily, it’s a costly reminder to stay up to date with tax obligations.

Overall, the July 1 changes bring a mix of financial opportunities and warnings. Whether you’re an employee, parent, freelancer, or retiree, now is a good time to review your financial position—check your payslips, super contributions, and entitlements—to avoid surprises and make the most of any new benefits.

Auction Results Last Week

Sydney: 954 properties were scheduled for auction, with 640 results reported and 448 sold, resulting in a clearance rate of 70%. The total auction value was $533,044,750, with a median house price of $1,650,000.
Melbourne: 867 properties were scheduled for auction, with 663 results reported and 455 sold, resulting in a clearance rate of 69%. The total auction value was $370,331,837, with a median house price of $950,000.