It is Monday the 30th of June, 2025 and business is getting ready for a bunch of fee hikes from tomorrow, 1 July. There is an increase in the national minimum wage and a rise in the superannuation guarantee rate, from 11.5pc to 12pc. There are also some higher fees kicking in, as well as changes around electricity bills and tax deductions. Another big change is that the ATO will pay superannuation on government funded Parental Leave Pay, with the aim of closing the super gender gap.
Nothing like hopes of a rate cut, and perhaps higher financial markets, to ratchet up the housing market. The preliminary auction clearance rate over the last week reached 74.5 per cent, the highest early success rate since July 2024 according to Cotality.
Home Affairs Minister Tony Burke says he is “very conscious” of attacks on Australian politicians similar to those seen in the United Kingdom and the United States. The comments came as the federal government listed online network Terrorgram as a terrorist organisation.
Building products group James Hardie is shifting its primary listing to the New York Stock Exchange – another loss for the ASX - after shareholders in US outdoor decking company Azek approved a $14 billion buyout – a deal which infuriated many Australian shareholders who didn’t have a chance to vote on it.
Senate Republicans, voting in an unusual weekend session, have narrowly cleared a key procedural step to advance US President Donald Trump’s package of tax breaks, spending cuts and bolstered deportation funds by his Fourth of July deadline. The process pushed the 'Big, Beautiful Bill' closer to reality.
Warren Buffett will donate about $US6 billion, or $9 billion Aussie, of Berkshire Hathaway shares to five foundations as part of a pledge he made nearly two decades ago. He is still worth about $US220 billion.
Fear-o-meter
The start of a new financial year is tricky for business because so many changes kick in on 1 July. Minimum wage rates, the superannuation guarantee and paid parental leave are the start.
There are also higher fees kicking in from tomorrow involving registering company names and annual review fees, as well as changes around electricity bills and tax deductions.
The big one for many businesses on tax plans - they can no longer claim a tax deduction for any ATO interest incurred after tomorrow. In effect, tax debts become more costly.
There’s some good news. Eligible small businesses with electricity bills may receive up to $150 in energy bill rebates for the rest of the year. However the outlook for energy bills more generally is not pretty.
The default market offer, set by the Australian Energy regulator applies to households and small businesses in NSW, South Australia and south-east Queensland. From tomorrow, residential consumers will see increases ranging from 0.5 per cent to 9.7 per cent. The price rises for small businesses will range from 0.8 per cent to 8.5 per cent. In Victoria, prices are expected to rise in the same range.
Who's talking today?
On property prices in the last financial year, and some big predictions for price growth in the next twelve months:
"We're expecting a 6 per cent increase in [Melbourne] house prices. Now that's not boom time. I think that's modest rates of price growth, but it means that the median price is going to be at a new record high and we're... forecasting it to be at $1.11 million. And that's a new record for Melbourne.
Sydney we're expecting to lead price growth out of all of the capital cities. Seven per cent increase for house prices and a six per cent increase for unit prices. Our call is that Sydney and Melbourne are going to lead price growth and one of the core foundations of that is what we're going to see over the next financial year is the baton is passing from affordability driven markets such as Adelaide, Brisbane, to interest rate sensitive markets and that is Sydney and Melbourne."
Wondering if you made the right career choice? Newly-released data from the ATO shows the highest-earning occupations in Australia, and their average taxable incomes.
Rank
Occupation
Ave income
1
Surgeon
$472,475
2
Anaesthetist
$447,193
3
Financial dealer
$355,233
4
Internal medicine specialist
$342,457
5
Psychiatrist
$286,146
6
Other medical practitioners
$259,802
7
Mining engineer
$206,423
8
Judicial or other legal professionals
$206,408
9
Chief executive officer or managing director
$194,987
10
Financial investment advisor or manager
$191,986
Source: ATO, as reported by ABC
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