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July 1 marks the start of a wide range of government policy changes that will affect Australians, as well as wage increases for federal MPs and low wages (stock photo)

The radical changes that are coming to Australia on July 1 and how they can affect YOUR bank balance

  • Major policy changes will come into effect on 1 July for all Australians
  • The minimum wage will rise, while the penalty rates for some sectors will be lowered
  • Members of parliament and people on a low income receive a salary increase
  • The government will also comment on the banking legend in the wake of the royal commission
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A large number of radical changes in government policy will start on Monday.

The minimum wage increases by three percent to $ 19.49 per hour, which means that the 2.2 million award-dependent employees of Australia get an extra $ 21.60 per week.

The fines will also be reduced for more than 700,000 retailers, fast food and hospitality employees.

The federal government has also tackled the banking saga in the wake of the Royal Commission in banking behavior.

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July 1 marks the start of a wide range of government policy changes that will affect Australians, as well as wage increases for federal MPs and low wages (stock photo)

July 1 marks the start of a wide range of government policy changes that will affect Australians, as well as wage increases for federal MPs and low wages (stock photo)

A new banking code will contain rules that mean that people will receive more information about changes to their accounts and that small businesses will receive contracts with fewer terms and conditions more easily.

Small businesses that have suffered financial misconduct since January 1, 2008 now have a 12-month window to file a complaint with the Australian Financial Complaints Authority.

Successful claims could yield $ 1 million for most, and $ 2 million for a primary producer.

Miniatuation reforms will also be implemented to & # 39; joke & # 39; 10 million unintended multiple accounts, which according to the Productivity Commission are eroded by $ 2.6 billion in unnecessary fees and insurance premiums each year.

Residents also get easier access to cheaper electricity thanks to a new retail code for retailers in southeast Queensland, NSW and South Australia.

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Treasurer Josh Frydenberg said the government's plans were the best for everyday Australians.

& # 39; Despite economic headwind, our economic plan has the right focus on taxation, infrastructure and skills, & # 39; he said.

& # 39; In times of major changes in the global economy, Australians have reason to trust their future.

Residents get easier access to cheaper electricity thanks to a new retail code for retailers in Southeast Queensland, NSW and South Australia (file photo)

Residents get easier access to cheaper electricity thanks to a new retail code for retailers in Southeast Queensland, NSW and South Australia (file photo)

Residents get easier access to cheaper electricity thanks to a new retail code for retailers in Southeast Queensland, NSW and South Australia (file photo)

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& # 39; Yes, there are important challenges such as trade tensions, the uncertainty of the Brexit and the domestic impact of floods and droughts, but we have the economic plan to see through us. & # 39;

With the new retail code, consumers can compare prices and offers more easily. Also includes a limit for the prices of & # 39; standing bids & # 39 ;.

The sale of tobacco products will also be amended, requiring a license for all tobacco import licenses, except for tobacco imported by travelers within the limits of the duties.

In the wake of a number of controversial stories about alleged misconduct in old people's homes, the government has also introduced new regulations to minimize the inappropriate use of restraint (stock image)

In the wake of a number of controversial stories about alleged misconduct in old people's homes, the government has also introduced new regulations to minimize the inappropriate use of restraint (stock image)

In the wake of a number of controversial stories about alleged misconduct in old people's homes, the government has also introduced new regulations to minimize the inappropriate use of restraint (stock image)

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The idea behind the new license is to make it easier for the Australian Border Guard to take tobacco where no duties have been paid, thereby increasing the deterrence against illegal tobacco smuggling.

In the wake of a number of controversial stories about alleged misconduct in old people's homes, the government has also introduced new regulations to minimize the inappropriate use of restraint.

For migrants coming to Australia, broader criteria for waiting times for entry will be introduced.

The cashless debit card test for welfare recipients will also be expanded and extended to more regions.

And for farmers, the government will apply a final withholding tax rate of 30 percent to income and capital gains from agricultural and home ownership in a Managed Investment Trust (MIT).

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Meanwhile, federal MPs will see a two-percent pay rise, bringing the salary package of top officer Martin Parkinson to $ 914,000

The cashless debit card test for welfare recipients will also be expanded and extended to more regions (file photo)

The cashless debit card test for welfare recipients will also be expanded and extended to more regions (file photo)

The cashless debit card test for welfare recipients will also be expanded and extended to more regions (file photo)

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