Changes Coming To Australia On 1 July 2023

Published by Otto Dargan on June 30, 2023
As the new financial year begins, many changes that were announced in the federal and state budgets will come into effect. We’ve outlined the major changes that will affect home buyers, owners, renters and investors.

Federal Changes

The following changes are effective from 1 July 2023.

Home Guarantee Scheme Changes

The eligibility for all three schemes has been expanded to include permanent residents.
  • First Home Guarantee and Regional First Home Buyer Guarantee
    • Family Home Guarantee
    • You can read our blog for more information about the Home Guarantee Scheme changes.

      Pay Rises

      • Minimum award wages will increase by 5.75%.
      • The national minimum wage will rise to $882.20 a week, an increase of $23.23 a week.
      • Aged-care workers will receive a 15% increase, in addition to the 5.75% boost if they are affected by that.

      State Changes

      The following changes are effective from 1 July 2023.

      New South Wales

      • Expansion of its First Home Buyer Assistance Scheme (FHBAS)
        • There will be no First Home Buyer Choice, which means there will be no option to choose between property tax and transfer duty on new purchases.


        • Windfall Gains Tax
        • Queensland

          • Build-To-Rent
            • Rental Reform
            • South Australia

              • Support for first-home buyers
                • Rent limit
                • ACT

                  • Build-To-Rent
                  • As we step into the new fiscal year, it’s crucial for both individuals and businesses to stay informed about these changes and understand how they may affect their specific situations. Whether you’re a prospective homeowner hoping to take advantage of the expanded schemes or an investor navigating the implications of rezoning and windfall gains tax, being aware and ready can make a meaningful difference. Our mortgage brokers are here to help. Call us on 1300 889 743 or complete our free assessment form today.

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