Australians on the minimum wage will ring in the new financial year with a little pay rise, but thousands of people will have more modest Sunday penalty rates.
Australians are not yet guaranteed all of the tax cuts the coalition promised, but the new financial year will bring a number of more certain changes to how much some people earn.
People on the minimum wage will have their hourly rate lifted by 3 per cent to $19.49 from July 1, following a decision last month by the Fair Work Commission.
Read More: The changes to tax and costs from July 1
The rise, which is more modest than a 3.5 per cent increase last year, means Australia will have the highest national minimum wage in the world.
It will give about 2.2 million award-dependent workers an extra $21.60 to play with each week.
Politicians and public servants are also set to rake in more, ringing in the new financial year with a two per cent pay boost.
The change means the nation's highest-paid bureaucrat, Department of the Prime Minister and Cabinet Secretary Martin Parkinson, will rake in more than $914,000.
Prime Minister Scott Morrison is expected to receive a bump of just over $10,000 a year on top of his current $538,460.
The news is not as positive for about 700,000 retail, fast food, hospitality and pharmacy workers who will start July with a further cut to their Sunday penalty rates, as part of a gradual wind down.
The rates, reflecting what people earn on top of their usual hourly pay on a Sunday, will be dropped by between 10 and 15 per cent.
Looking beyond incomes, banking customers have been promised their institution's products will be easier to understand and more focused on them as a new Banking Code of Practice comes into force.
The code is coming to life in the aftermath of the damning financial services royal commission and means people will get more information about changes to their accounts.
Small businesses will also receive simpler contracts with fewer conditions.
"It represents a stronger commitment to ethical behaviour, responsible lending, greater financial protection and increased transparency," the Australian Banking Association says.
As of July 1, small businesses will also be able to make complaints about banking misconduct to the Australian Financial Complaints Authority dating back to 2008.
The chance to make retrospective complaints will remain open for a year, for businesses with loans that were less than $5 million and who haven't tried to press their case before.
Small businesses whose complaints are successful could be dealt up to $1 million in compensation, while primary producers can potentially be given $2 million.
Superannuation reforms are also coming into effect, to stop people's retirement savings being eaten away by inappropriate fees and insurance premiums.
The reforms aim to mop up 10 million unintended multiple accounts, which the Productivity Commission found were being eroded by $2.6 billion in unnecessary fees and insurance premiums a year.
The industry has warned Australians to check if they're affected, believing many people may not realise the life insurance provided through their superannuation will be cancelled on accounts that have not received contributions for 16 months.
Choosing an electricity plan is also expected to become simpler from July 1, leading to better deals for consumers.
Meanwhile, the government will this week try to pass $158 billion worth of tax cuts, to be rolled out between July and mid-2024.
The first round of changes will double a tax offset for low and middle-income earners when they filed their tax returns this year, putting extra cash in their pockets.
Labor has called for a second stage to be brought in sooner and for the government to hold off on a third stage, but the whole plan may pass with the support of four crossbenchers when it comes to the Senate as early as Thursday.
AAP
