Personal income tax cuts and an increase in the superannuation guarantee to 11.5% began on 1 July 2024. Employers need to update payroll systems and ensure timely SG payments to avoid non-deductible charges.
The minimum wage rose by 3.75% to $24.10 per hour starting 1 July 2024. Wage growth in the private sector has slightly decreased, suggesting potential stabilisation.
Inflation has dropped but increased again recently. The RBA will adjust interest rates based on ongoing inflation management needs.
Net migration is expected to decrease to 260,000 in 2024-25. The focus is shifting to skilled migration, with adjustments to visa allocations and a higher salary threshold for sponsorship.