Penalty Rates Cut
By Michael Wood
On July 1st, 2018, changes were made to Sunday penalty rates for workers in the hospitality, fast food, retail, and pharmacy industries.
This was the second phase of penalty rate cuts, with the first coming into effect in 2017.
Further reductions will take place each July until 2019 for hospitality and fast food, or 2020 for pharmacy and retail employees.
This year’s transition was twice as large as the first (10% vs. 5%), with Opposition estimates stating that 700,000 workers stand to lose out on an average of $77 a week.
The exact damage to your wage will depend on your industry and whether you are employed on a part-time, full-time, or casual basis.
The Federal Government are also presently trying to lower the threshold at which students must pay back their HECS/HELP loans.
Those earning more than $44,999 per annum will be required to use one percent of their annual income to pay off higher education debts, and lifetime higher education debt will be capped at $104,000.
However, those who have exceeded this amount will be able to access other loans once their debt dips below the threshold again.
For more information on how these changes will affect your income, visit https://www.fairwork.gov.au/pay/penalty-rates-and-allowances and search for your industry.