The new year is just around the corner, and with it comes a wave of new laws set to take effect in 2025.
As the clock strikes midnight, here’s a quick look at the changes that could impact you.
Centrelink payments are getting increased
A handful of Centrelink payments are getting a boost thanks to indexation.
Here’s what’s increasing:
- Youth Allowance
- Abstudy
- Austudy
- Disability Support Pension (for those under 21 with no dependent children)
For example, if you’re 18 or older, have no kids, and live away from home, your Maximum Basic Rate will go up by $24.30 per fortnight!
Want to see the full breakdown? Check it out here: Department of Social Services website.
New cars must meet higher efficiency standards
The New Vehicle Efficiency Standard is shaking up the Australian car market!
Starting Wednesday, car manufacturers will face average carbon dioxide targets for the vehicles they produce. If they hit the target or beat it, they earn valuable credits.
Even with the new standards, suppliers can still sell any type of vehicle they want. But for every gas-guzzler they sell, they’ll need to balance it out by offering more fuel-efficient models.
If they fall short of the target, they’ll have to trade credits with others or find creative ways to generate their own.
This new standard, passed back in May, is all about encouraging greener vehicles on our roads without limiting consumer choice. It’s a win-win for innovation and the environment!
Passport fees increasing
The price of getting a passport is going up!
Starting Wednesday, adults 18 and older will need to pay $412 for a 10-year passport which is $14 more than last year.
The price increase is the government’s way of staying ahead of inflation and keeping things on track.
Pharmaceutical Benefits Scheme indexation freeze
Great news for Australians relying on PBS medicines!
Normally, prices rise with inflation every January 1, but that’s changing. Thanks to a 2024 federal budget announcement, the cost of PBS medicines will stay frozen for 2025 and concession card holders get an even better deal with a freeze lasting an additional four years!
This means that pensioners and concession card holders will continue paying just $7.70 per PBS medicine for up to five years.
For everyone else with a Medicare card, the maximum co-payment will stay at $31.60 throughout 2025.
This is a win for households, helping to ease financial pressure and keep vital medicines affordable.
Deliberately underpaying employees classified as a criminal offence
As of January 1, underpaying employees just got a whole lot riskier for employers, as if it wasn’t already.
What once was treated as a civil matter now carries serious consequences which include the possibility of jail time.
Deliberately underpaying staff could land an employer with a maximum prison sentence of 10 years. The financial penalties are steep too with individuals facing fines of either triple the underpayment amount or $1.65 million (whichever is greater), while companies could be hit with fines as high as triple the underpayment or $8.25 million.
But the Fair Work Ombudsman has clarified that honest mistakes won’t count as criminal offences.
These tougher laws are part of the ‘Closing Loopholes’ legislation, introduced in September 2023 and passed in December. While the wage theft provisions kick off in January, other changes, like the Right to Disconnect laws, are already in place.
Curious about the nuances of these new rules? Check out the Fair Work Ombudsman website for all the details.
Pay rises for aged care workers
Great news for aged care workers – pay rises are on the way!
Here’s who benefits:
- Direct care workers under the Aged Care Award, including nursing assistants previously on the Nurses Award.
- General care workers under the Aged Care Award.
- Aged care staff covered by the SCHADS Award, including nursing assistants from the Nurses Award.
The exact increase will depend on the award you’re under, but don’t worry it’s easy to find out!
Check out the pay guides on the Fair Work Ombudsman’s website or use their online pay and conditions tool to see how much extra you’ll take home.
It’s a well-deserved boost for such an important sector.
Big emitters face mandatory climate reporting
In the new year, big companies and major carbon emitters will need to step up their game by reporting detailed disclosures about climate-related risks and opportunities.
Are you affected? Here’s the criteria:
- Consolidated revenue of $500M+
- Consolidated gross assets of $1B+
- More than 500 employees
But don’t worry, these reports are only required once a year, so no need to panic about January 1 deadlines just yet. Learn more here!
Short stay levy kicks in for Victorians
2025 will see Victorian property owners offering short-stay accommodation for less than 28 consecutive days face a new 7.5% levy on total booking fees including cleaning fees and GST.
But if you’re renting out your primary residence, this rule doesn’t apply to you!
Want to dive into the details? Head over to the Victorian State Revenue Office website to learn more.
The countdown begins—election year is here!
Australia’s next federal election is on the horizon set for 2025!
Soon, we’ll head to the polls to choose which party will lead the country for the next three years.
The exact voting date? Still a mystery, as the current government hasn’t announced it yet but stay tuned.
