The new financial year always brings a raft of price changes – some good, some not so.
After a reprieve from some price hikes during the height of the pandemic, costs are going up and family budgets may need readjusting.
Council rates are on the rise, along with the cost of using toll roads and public transport.
But it's not all bad news.
Retirement savings will get a small boost with a half per cent jump in the super guarantee.
Some energy customers will see their bills fall and public sector workers will get a small pay rise after having their salaries frozen last year.
Here are some of the changes taking effect July 1:
Superannuation
A boost to retirement savings, but some people might take home less money in their weekly pay packet as the super guarantee is increased by 0.5 per cent to 10 per cent.
Other changes to super include:
Concessional (before tax) contributions cap to increase from $25,000 to $27,500
Non-concessional (after tax) contributions cap to increase from $100,000 to $110,000
General transfer balance cap to increase from $1.6m to $1.7m
The government has also extended the temporary reduction in superannuation minimum drawdown rates for another year.
In response to the pandemic, the government reduced the superannuation minimum drawdown rates by 50 per cent for the 2019-20 and 2020-21 income years, ending on 30 June 2021.
This has now been extended from July 1 for one more year, giving retirees a bit more flexibility.
Council rates
All homeowners across NSW will face at least a two per cent rise in their council rates.
The independent regulator has approved increases to the minimum rates charged by Bayside, Canterbury Bankstown, Georges River and Inner West councils.
Central Coast residents will also be slugged more than the two per cent.
Opal fares
Individual trips are set to go up 1.5 per cent. For example, a train trip from Penrith to Circular Quay during the peak will go up from $6.89 to $6.99.
There will be no changes to the $50 weekly travel cap or the $2.50 gold card daily cap.
Tolls
Driving on Sydney's already pricey toll roads will get more expensive as tolls go up in line with inflation.
It will add a few cents to most trips.
The Harbour Bridge and Harbour Tunnel will remain unchanged.
If you didn't apply for toll relief (half price or free registration) when doing your registration in the past year, you can apply retrospectively for this financial year if you do so by June 30.
From July 1, it's too late.
Public sector wages
Frontline workers are in line for a 1.5 per cent pay increase on July 1 after wages were put on ice last year.
The pay rise could be higher with negotiations continuing over the coming weeks.
This will impact some 400,000 workers.
Energy
Default Market Offer prices are coming down.
New South Wales residents could be paying between $53 and $102 less a year depending on the distribution region.
The falls are even greater for small business customers: between $250 and $441 depending on the distribution region, according to Compare the Market.
Standing offer customers are the ones directly impacted by the reduction in DMO prices but those on market offer contracts should also see a benefit long term as retailers reduce prices on all plans to stay competitive.
Tax cuts
The corporate tax rate for small/medium businesses (with turnover under $50 million) will reduce from 26 per cent to 25 per cent.
This will benefit lots of mum and dad small businesses.
The federal government has also extended the low and middle income earner tax offset by another 12 months from July 1.
This can benefit some people by up to $1,080.
You don't need to apply for it – the ATO will automatically apply it if you're eligible.
Active kids voucher
Eligible families can apply for a second $100 active kids voucher from July 1 to be used on sport before the end of the year.
Craft beer
The Federal Budget announced the government would increase the excise refund cap for small brewers and distillers from 60 per cent of excise paid up to $100,000 to 100 per cent of excise paid up to $350,000 which, with a bit of luck, means cheaper craft beer.