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Australia’s 2024-25 Financial Reforms: Tax Cuts and Wage Boosts for Middle-Income Earners

(photo: The Sydney Morning Herald)

Australia’s 2024-25 financial reforms include tax cuts for lower and middle-income earners.

Australia Introduces Comprehensive Financial Reforms for 2024-25

Australia is ushering in the 2024-25 financial year with sweeping changes. All taxpayers will benefit from stage-three tax cuts, particularly lower and middle-income earners who will see reduced tax rates. Minimum wage is also increasing by 3.75% boosting weekly earnings for full-time workers, according to the report of The Guardian.

Employers must now contribute 11.5% to employees superannuation up from 11%. Paid parental leave expands by 10 days annually supporting families with increased payments aligned with the new minimum wage.

READ ALSO: California’s Unemployment Insurance Fund In Crisis: Bill To Help Striking Workers Hits Roadblock; Employers May Face Tax Hike

(photo: The New York Times)

Australia Implements Diverse Policy Shifts to Navigate Economic Challenges and Promote Social Justice

Starting July 1st, the sale of vape products outside pharmacies will be banned, following negotiations between political parties. Federal politicians will receive a 3.5% pay rise while social welfare recipients will see adjustments to income thresholds and increased benefits.

Queensland launches a Truth-telling and Healing Inquiry, aiming to address historical injustices against First Nations communities. These changes reflect Australia’s efforts to navigate economic challenges and foster social justice in the new fiscal year.

READ ALSO: 26 Weeks Of Unemployment Benefits: Michigan’s Economic Future Hangs In Balance As $1.3 Billion Proposal Sparks Heated Debate!

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