Happy New Year, fellow pennypinchers. Let's take a look at some of the new changes in Australian legislation to see what's going to impact you (financially) this year. Here are the most relevant things you'll want to know:
Education
FEE-HELP Student loans have been increased. For 2019, the FEE-HELP limit will be $104,440 (previous, $102,392). If you plan to study medicine, dentistry or veterinary science, the FEE-HELP limit will be $150,000 (previously, $127,992). Visit the FEE-HELP page for more info
From 1 July 2019, the new minimum HELP repayment threshold will be $45,881 with a one per cent repayment rate, with a further 17 thresholds and repayment rates, up to a top threshold of $134,573 at which ten per cent of income is repayable. Link to Education.gov.au Kudos to cathyrrn
Preschool Subsidies now available for 3 Year old Kids — they will receive access to 2 days a week of subsidised preschool education.
Link to Education.gov.auFairer access to selective school options. These include changes to the school entry test and improving the psychometric design of questions, increasing avenues to apply for disability provisions and introducing a better balance of exam questions across subjects. Link to related article on Edu.gov.au
The $100 Creative Kids Rebate which was posted as a deal. The NSW Government are introducing a $100 rebate valid for students aged 4.5 to 18 enrolled in school, as a voucher that can be redeemed on selected Creative activities.
Some changes to ABSTUDY and Youth Allowance. Increased payment rates to students and more allowances given to travel, & the parental income limit for parents of students has increased to $160,000. The full details are on the Human Services site
Free TAFE Classes (Kudos to jjjaar), in 30 'high priority' fields of study and disciplines.. Applies to Aussie and New Zealand citizens living in VIC.
Financial
Credit card reforms
Ban on credit card limit increase invitations (In Plain English: Credit card issuers can not contact customers to offer credit limit increase invitations.) This ban was actually placed in July last year.
Credit card limit assessments — ASIC has set a three-year period to be used by banks when assessing applications for credit cards or increased limits. This may make it more difficult for some people (with credit card debt) to apply for a credit card. link to SBS which explains this in more detail. Link to ASIC.
ATM Fees
- Targeted to NAB Customers. ATM fees ($2) are payable on rediATM machines. Statement on NAB website NAB customers can continue to withdraw their money fee-free at more than 7,000 NAB, ANZ, Commonwealth and Westpac ATMs across Australia that do not charge fees.
Public Transport and Utilities
For Melbourne and NSW (Opal), public transport fees will increase by an average of 2.2%.
1.8% increase for Brisbane
Links ACT fares, PTV (Victoria) fares and NSW Opal Fares
Road tolls will rise by up to 10 cents per trip, for Sydney, Melbourne and Brisbane. (Source: The Guardian)
Goods and Services Tax
- Australian women will no longer have to pay GST on tampons and sanitary pads, after the states and territories finally agreed to abolish the tax.
Parents
Free Baby Bundle for new parents in NSW. Parents of babies born after January 1st can get a bundle of items to help take care of their newborn.. This includes $300 worth of baby care products and an entry to an online first aid training program. đź‘Ť for Freebie!?
No Jab, No Play now enforced by the Western Australian government. It was initially introduced in 2016, but the law did not ban unvaccinated children from being enrolled into childcare centres and schools.
To enrol now, your child must be vaccinated(Correction: Not yet, this is to be implemented later mid-year in Phase 2) , and schools must also collect immunisation records. It brings WA's laws in line with VIC, NSW and QLD. Read more on Mediastatements.gov.au
Thanks for this great list!
In Vic, a number of TAFE courses and pre-apprenticeships are now free. More info here and here