UPDATED: For the many Australians who receive Centrelink support, the new year heralded an increase in payments. Plus, new regulations that took effect on 1 January at federal, state and local levels could affect your finances and your lifestyle.
Cost of living support
For the more than 936,000 Australians who rely on assorted government benefits distributed through Centrelink, there’s some ostensibly good news.
Pensioners and veterans can now work more without having their Centrelink payments reduced. After delivering a one-off increase last year, the government has permanently increased the maximum Work Bonus income bank amount. Pensioners over Age Pension age accrue any unused part of the $300 fortnightly Work Bonus concession amount in this ‘bank’. The maximum amount has increased from $7800 to $11,800.
Meanwhile, the carer allowance increases by $8.70 per fortnight.
While these changes are welcome, they will, in reality, allow most Centrelink recipients to keep pace with inflationary price increases. Or at least not fall too much further behind them.
The complete list of indexation rate changes for January 2024 can be found on the Department of Social Services website.
Not all rate changes will be positive though. For instance the Medicare Safety Net Threshold has increased. The original threshold has gone up by $28.70, while for concession card holders, the extended threshold went up by $41.50.
Rules and regulations
At federal level, the government is targeting vapes. In December, the Therapeutic Goods Authority (TGA) announced a number of changes to vaping regulations effective from 1 January. While some young Australians have taken up vaping, other older Aussies have used it to help manage nicotine dependence.
From 1 January, the importation of disposable vapes is prohibited, subject to very limited exceptions. This will even apply to individuals who’ve ordered disposable vapes from overseas for therapeutic use under the personal importation scheme. However, there are some exceptions. These include international arrivals in Australia carrying a small quantity of vapes for their – or someone in their care’s – treatment.
The TGA says it is committed to preserving legitimate patient access to therapeutic vapes, under health practitioner supervision. From 1 January, doctors and nurse practitioners will be able to prescribe therapeutic vapes for smoking cessation or the management of nicotine dependence without applying to the TGA for pre-authority or approval through a new Special Access Scheme C pathway.
Regulatory changes taking effect on 1 January have also occurred at state level. In Victoria, for example, a phase-out of gas connections for new dwellings, apartment buildings and residential subdivisions began.
In NSW, legal changes to section 93Z of the NSW Crimes Act crack down on antisemitic and Islamophobic hate speech.
At council levels, 1 January heralded several rule changes. One of Melbourne’s inner city councils instituted a cat curfew on New Year’s Day. Cat owners within Yarra are now required to keep them within the owner’s premises between 7pm and 7am. The City of Bendigo in northern Victoria will introduce similar changes on 1 July.
The more things change …
One thing we can guarantee about 2024 is that change will be a constant. Rates, rules and regulations will continue to evolve. Check your local, state and federal government websites to see how you might be affected – in a good or bad way.
What changes to your world does 2024 bring? Are you aware of all the changes to rates and regulations? Let us know via the comments section below.
Also read: Top travel trends for 2024
How generous of the government with this ” Pensioners over Age Pension age accrue any unused part of the $300 fortnightly Work Bonus concession amount in this ‘bank’. The maximum amount has increased from $7800 to $11,800.”
Two questions please.
How many people want to work, and if so, are physically and mentally able to work?
How easy is it to find suitable work?
This is a poorly thought out concession by the government, again confirming that the current pension system is not sufficient to survive on, especially if you are a renter.
The obvious action by the government should be to allow those who can and want to work to do so, without penalty, as they do in other countries.