New financial year: Super boost kicks off.

July 1, 2022

In the new financial year, Australian workers are entitled to more superannuation, while some households will face higher power bills.

The myHomecare Group was featured in the Forbes Advocates article ‘Super boost kicks off new financial year.’ 

The CEO of the myHomecare Group addresses the new financial year and the negative impact it has on Aged Care.

For a summary of the article read on.

New financial year increase.

From Friday, the 1st of July 2022, the guaranteed superannuation rate will rise from 10 to 10.5 per cent. 

The start of the 2022/23 financial year will also see more workers eligible for superannuation payments, regardless of their income.

With the $450 monthly eligibility threshold removed, hundreds of thousands of Australians will be better off in retirement.

It amounts to an extra $40 a week and workers in various sectors are expected to benefit the most.

But households in NSW, Queensland, and SA will have to foot an increased power bill after changes by the energy regulator.

However, floods, the Ukraine war, and coal plant outages forced an increase by the energy regulator.

For households, the offer will increase to $2,092 in New South Wales, to $1,620 in Southeast Queensland, and to $1,840 in South Australia.

Clare Savage, Australian Energy Regulator chair, explained the decision was made to balance extra costs on consumers with retailers’ ability to recover wholesale and network costs.

The health care system will offer subsidies for glucose monitoring devices, which can save people thousands of dollars.

An increase to the Home Care Package subsidy will also take effect, but industry groups say more help is needed.

The 1.7 per cent increase does not address the rising costs of providing aged care.”

“This means many older people can’t afford to live at home” The myHomecare Group CEO Stuart Miller said.

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