WEBVTT - New financial year, new rules

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<v Speaker 1>Already and this this is the daily This is the

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<v Speaker 1>Daily ODS.

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<v Speaker 2>Oh now it makes sense.

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<v Speaker 1>Good morning and welcome to the Daily ODS. It's Wednesday,

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<v Speaker 1>the second of July. I'm Sam Kazlowski.

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<v Speaker 2>I'm Emma Gillespie.

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<v Speaker 1>Yesterday marked the start of a new financial year in

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<v Speaker 1>Australia and it came with a raft of changes that

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<v Speaker 1>affects millions of Australians, from wage increases to new laws.

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<v Speaker 1>There's quite a bit to unpack, and today we're going

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<v Speaker 1>to break down the key changes that came into effect

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<v Speaker 1>on the first of July and take you through how

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<v Speaker 1>they might impact your life.

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<v Speaker 2>Sam, we're talking about a whole heap of measures that

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<v Speaker 2>kicked in yesterday, from crime to housing to finance. But

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<v Speaker 2>I did want to start with the financial changes, the

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<v Speaker 2>big headlines in that category, because these are probably the

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<v Speaker 2>ones that will hit people's hip hop it's most directly

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<v Speaker 2>or the fastest. The first big one to talk about

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<v Speaker 2>here is the superannuation guarantee. Now, I know a lot

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<v Speaker 2>of people fall asleep as soon as they hear the

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<v Speaker 2>word super, but stick with me because it's good news.

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<v Speaker 2>The super guarantee has increased from eleven point five percent

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<v Speaker 2>to twelve percent. Now, what that means is that your

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<v Speaker 2>employer at now has to put an additional zero point

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<v Speaker 2>five percent of your salary into your super fund. So

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<v Speaker 2>the amount of money that's going into your super fund

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<v Speaker 2>every fortnight or month that is going up.

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<v Speaker 1>And Billy and I did a podcast directly on this

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<v Speaker 1>change and taking a look at super as a whole.

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<v Speaker 1>I'll throw the link to that in the show notes.

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<v Speaker 1>But just to be clear, that doesn't affect then your

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<v Speaker 1>take home pay, right.

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<v Speaker 2>That's correct, So SUPER is paid on top of your salary,

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<v Speaker 2>So this change doesn't really mean anything changes in your life.

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<v Speaker 2>If you're an employee, there will be more money going

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<v Speaker 2>into your retirement fund though, but it won't affect what

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<v Speaker 2>you see in your bank account each week or whenever

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<v Speaker 2>you get paid. The only exception here, though, is if

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<v Speaker 2>you have an employment contract that specifically states your salary

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<v Speaker 2>is inclusive of SUPER. But that is pretty uncommon. It's

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<v Speaker 2>more and more uncommon in a twenty twenty five context.

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<v Speaker 1>Let's talk about the money that is coming into your

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<v Speaker 1>bank account directly. Though. There's some changes in the minimum wage.

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<v Speaker 2>Yes, so minimum wage has gone up, and this affects

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<v Speaker 2>more people than you might think. So, we'll get to

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<v Speaker 2>that in a sect. But the minimum wage is increased

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<v Speaker 2>by three point five percent. It's now twenty four dollars

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<v Speaker 2>and ninety five cents an hour. So if you're on

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<v Speaker 2>minimum wage, that's roughly an extra thirty bucks in your

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<v Speaker 2>pocket each week. But the impact of this actually goes

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<v Speaker 2>beyond just minimum wage workers. It impacts people on award wages.

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<v Speaker 2>So award wages are industry specific pay rates for sectors

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<v Speaker 2>like hospitality administration. They will also be affected.

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<v Speaker 1>So there are yeah, how many people are we talking

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<v Speaker 1>about that?

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<v Speaker 2>There are three million people thereabouts who are covered buy awards,

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<v Speaker 2>and so that means that there will be an increase

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<v Speaker 2>that flows through to their pacelips because of the minimum

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<v Speaker 2>wage changes.

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<v Speaker 1>Let's talk about changes to small business. We have just

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<v Speaker 1>come through a federal election, which means that there was

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<v Speaker 1>lots of talk about how to support small businesses, especially

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<v Speaker 1>after the pandemic. What's shifted here, Yeah.

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<v Speaker 2>So this is a significant one for small business owners,

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<v Speaker 2>maybe like yourself, Sam, who have a turnover of less

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<v Speaker 2>than ten million dollars per year. So the instant asset

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<v Speaker 2>right off limit has dropped from twenty thousand dollars to

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<v Speaker 2>one thousand dollars. This was always the plan. It's gone

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<v Speaker 2>back to a previous asset right off limit. What that

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<v Speaker 2>all means is that those businesses under the ten million

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<v Speaker 2>turnover can no longer immediately deduct the full cost of

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<v Speaker 2>equipment or assets. Instead, you'll need to depreciate them over

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<v Speaker 2>time and just quickly. There is one more tax deduction

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<v Speaker 2>change that I did want to flag, and that is

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<v Speaker 2>that you can no longer claim an income tax todayduction

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<v Speaker 2>for ATO interest charges. So if you owe money to

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<v Speaker 2>the ATO, if you have an outstanding debt, maybe you

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<v Speaker 2>lodged a tax return a few years ago, you owed money,

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<v Speaker 2>you haven't paid that all back. They are charging you

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<v Speaker 2>interest on this debt, and you can no longer deduct

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<v Speaker 2>this interest from your taxable income. Now, this is all

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<v Speaker 2>aimed essentially at encouraging people to pay their debts backfast.

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<v Speaker 1>I was going to say that sounds like a bit

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<v Speaker 1>of enforcement from the ATO to get people to pay

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<v Speaker 1>it on time exactly, And that's something that they I

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<v Speaker 1>feel like this time of year. They talk about that

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<v Speaker 1>every year, about the importance of paying your taxes on time.

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<v Speaker 1>And it's a pretty thankless job. Let's move now to

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<v Speaker 1>the cost of living measures. A lot of these were

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<v Speaker 1>in that federal election. They're now going to come into effect. Yep.

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<v Speaker 2>So we heard a lot about cost of living, as

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<v Speaker 2>you mentioned in the run up to the federal election.

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<v Speaker 2>A lot of these promises people may have forgotten about,

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<v Speaker 2>but July one means many of them are in effect.

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<v Speaker 2>So the big one is the extension of energy bill relief.

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<v Speaker 2>You might remember this being announced. Households will continue to

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<v Speaker 2>receive seventy five dollars discounts on their next two energy bills,

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<v Speaker 2>and this is also good news for around a million

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<v Speaker 2>small businesses who are also eligible. This is an initiative

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<v Speaker 2>that was due to expire, but the federal government extended

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<v Speaker 2>it until the end of the year. If it sounds

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<v Speaker 2>a bit familiar, There's another big one in effect, and

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<v Speaker 2>it's about paid parental leave now. Pay per rental leave

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<v Speaker 2>has actually been increasing incrementally over the last few years.

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<v Speaker 2>It's going to happen again next year, but yesterday it

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<v Speaker 2>increased to twenty four weeks, up from twenty two weeks. Now.

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<v Speaker 2>Paid perntal leave is a payment based on minimum wage

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<v Speaker 2>sure so that.

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<v Speaker 1>Which has also gone up exactly interesting.

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<v Speaker 2>He's paying attention. So that is now nine hundred and

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<v Speaker 2>forty eight dollars per week, and paid parental leave like

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<v Speaker 2>I mentioned, will increase next year to twenty six weeks.

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<v Speaker 1>A really interesting initiative has come into the market for

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<v Speaker 1>students where nursing with free teaching and social work students

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<v Speaker 1>are now going to be paid for their practical placements. Right.

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<v Speaker 2>Yes, so this is a really big one and we

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<v Speaker 2>know a really important one to the TDA audience. We've

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<v Speaker 2>spoken a lot about placement poverty and the range of

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<v Speaker 2>degrees that kind of have this mandatory prac aspect to

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<v Speaker 2>the syllabus, to the core of the degree. But the

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<v Speaker 2>people are taking weeks and months out of the year

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<v Speaker 2>to complete those with no payment.

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<v Speaker 1>Particularly those who have to travel a long way exactly

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<v Speaker 1>a work after hours. It can be a really stressful

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<v Speaker 1>time for a really important job.

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<v Speaker 2>And you might have to complete your PRACK in a

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<v Speaker 2>regional or remote area. So students in nursing midware, free

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<v Speaker 2>teaching and social work, as you mentioned, Sam, they will

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<v Speaker 2>now receive three hundred and thirty one dollars and sixty

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<v Speaker 2>five cents a week to address this placement poverty. Concern. Now,

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<v Speaker 2>these placements can be really demanding, as we've touched on

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<v Speaker 2>to give you a sense of where that three hundred

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<v Speaker 2>and thirty one bucks per week might stretch. For teachers,

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<v Speaker 2>they need to spend around six sixteen weeks in classrooms training.

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<v Speaker 2>Nurses need to spend about twenty weeks in hospitals or clinics.

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<v Speaker 2>So this is hopefully going to have a really massive impact.

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<v Speaker 1>So I guess if we were to zoom out and

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<v Speaker 1>look at all of the different economic and cost of

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<v Speaker 1>living changes, I'd say the key themes here are the

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<v Speaker 1>gradual increases in some programs that have had a couple

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<v Speaker 1>of years now of increases. I'm thinking they're about things

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<v Speaker 1>like superannuation and paper rental leave. And then the big

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<v Speaker 1>theme is obviously cost of living relief. It's about trying

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<v Speaker 1>to figure out how to alleviate some of the stresses

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<v Speaker 1>on Australian individuals and families. Why don't we turn now

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<v Speaker 1>to some of the law. And you know this one

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<v Speaker 1>is more of a state based discussion because there's various

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<v Speaker 1>changes all over the country. Take me through some of

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<v Speaker 1>the key state and territory changes in law.

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<v Speaker 2>So let's start in the Act you may have seen

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<v Speaker 2>some headlines around this one here. It's made history by

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<v Speaker 2>becoming the first jurisdiction in Australia to raise the age

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<v Speaker 2>of criminal responsibility to fourteen. Previously, this was twelve in

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<v Speaker 2>the Act across most of Australia. It's still ten years old.

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<v Speaker 2>But what this means is that no child under fourteen

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<v Speaker 2>can be charged with or prosecuted for a crime in

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<v Speaker 2>the Act. There is an exception for twelve and thirteen

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<v Speaker 2>year olds accused of particularly violent crimes. Now there has

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<v Speaker 2>been a kind of bit of momentum here. There has

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<v Speaker 2>been interest or conversation in other states and territories. The

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<v Speaker 2>nt became the first region to increase the age of

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<v Speaker 2>criminal responsibility to twelve in twenty twenty two, but a

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<v Speaker 2>newly elected government reverted that last August. Victoria also increased

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<v Speaker 2>the age to twelve. It had some plans to progress

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<v Speaker 2>that eventually to fourteen, but they were scrapped. So the

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<v Speaker 2>Act really is kind of in a league of its

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<v Speaker 2>own with this decision.

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<v Speaker 1>Yesterday we heard some really interesting news from the federal

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<v Speaker 1>government around the regulation of tobacco and the illegal selling

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<v Speaker 1>of tobacco and importing into Australia. It comes as there's

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<v Speaker 1>other major tobacco changes that come into effects this week

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<v Speaker 1>right exactly.

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<v Speaker 2>So, I think we've seen a really significant crackdown in

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<v Speaker 2>terms of the tobacco black market as regulations have increased

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<v Speaker 2>on the sale of cigarettes, E cigarettes, vapes. We've also

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<v Speaker 2>kind of seen this black market emerge of illegal trade

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<v Speaker 2>of tobacco. Federally, we have just heard that there'll be

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<v Speaker 2>a new commissioner to kind of manage that and crack

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<v Speaker 2>down further on that. But at a state level, both

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<v Speaker 2>New South Wales and Victoria have introduced mandatory licensing schemes

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<v Speaker 2>for tobacco sellers. This basically impacts anyone who is a

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<v Speaker 2>tobacco retailer, so a tobacconist or a tobacco wholesaler. So

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<v Speaker 2>anyone wanting to sell tobacco products now needs to apply

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<v Speaker 2>for a license in Victoria or New South Wales, and

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<v Speaker 2>penalties for selling tobacco without a license are incredibly steep.

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<v Speaker 2>It's starting from at least eleven thousand dollars for an

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<v Speaker 2>individual for a first time breach, and then the fines

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<v Speaker 2>go up signalficantly from there. New South Wales has given

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<v Speaker 2>business as a bit of a grace period. They've got

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<v Speaker 2>until October to apply for these licenses, while sellers be

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<v Speaker 2>that retailers or wholesalers in Victoria have until February next

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<v Speaker 2>year to get their license.

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<v Speaker 1>Okay, so we've talked about some of the changes that

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<v Speaker 1>might happen to your pacelip and to your printal, even

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<v Speaker 1>some other costs of living changes. We've talked about a

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<v Speaker 1>couple of shifts in the law. To end off this conversation,

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<v Speaker 1>why don't we look at housing and I think a

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<v Speaker 1>really interesting group of people of which we are both

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<v Speaker 1>part of to examine here is renters. Yeah, because we

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<v Speaker 1>heard a lot of commentary in the last federal election,

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<v Speaker 1>there was a bit of an absence of a discussion

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<v Speaker 1>about the way that rental laws could change. Yep. But

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<v Speaker 1>that's not necessarily the case across the country though.

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<v Speaker 2>Yeah, so there are a couple of changes for renters

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<v Speaker 2>in New South Wales and Queensland. I think for most renters,

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<v Speaker 2>the overarching theme of the last couple of years has

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<v Speaker 2>really been there is rege, and it's happening slowly, so slowly,

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<v Speaker 2>but surely, states are chipping away at how they can

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<v Speaker 2>protect renters better and in New South Wales this week

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<v Speaker 2>that's come in the form of a bit of an

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<v Speaker 2>update on a band that was rolled out last month.

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<v Speaker 2>So last month New South Wales rolled out this ban

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<v Speaker 2>on no fault evictions and that prohibits landlords and agents

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<v Speaker 2>from evicting someone or ending a lease without a legitimate

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<v Speaker 2>reason to do so. That ban came in last month.

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<v Speaker 2>Now from yesterday in the state, landlords and agents have

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<v Speaker 2>to register the reason for any evictions, so no fault

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<v Speaker 2>evictions a band. This builds on that they must register

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<v Speaker 2>a reason with the Department of Fair Trading. Landlords and

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<v Speaker 2>agents are also now compelled to provide evidence in showing

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<v Speaker 2>the purpose of their reasons supporting their reason proving that

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<v Speaker 2>reason for an eviction, essentially building on no fault evictions,

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<v Speaker 2>and in a year's time will get a bit of

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<v Speaker 2>an idea of what those reasons look like. Fea Trading

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<v Speaker 2>says it will hand down a bit of an inventory

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<v Speaker 2>to show us trends and patterns in renting next year. Queensland, meantime,

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<v Speaker 2>is introducing annual income checks for public housing tenants, So

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<v Speaker 2>if you are a renter under social housing in that state,

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<v Speaker 2>you will now have to meet eligibility requirements and these

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<v Speaker 2>will be annual checks income checks to check that your

0:12:18.640 --> 0:12:21.800
<v Speaker 2>income is below a certain threshold. To verify that, say,

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<v Speaker 2>social housing tenants maybe in a two bedroom need a

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<v Speaker 2>two bedroom or should they be in a one bedroom?

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<v Speaker 2>And if tenants don't provide information or if their income

0:12:31.160 --> 0:12:35.000
<v Speaker 2>exceeds the threshold, they will be charged market rent, while

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<v Speaker 2>the Queensland government says it will work to facilitate their

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<v Speaker 2>transition to the private rental sector.

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<v Speaker 1>We have smashed through quite a few changes. It gives

0:12:44.520 --> 0:12:47.960
<v Speaker 1>you a sense though, of just how much shifts in

0:12:48.000 --> 0:12:51.200
<v Speaker 1>a new financial year. In any given financial year, I

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<v Speaker 1>think whether some rules or changes that you came across

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<v Speaker 1>that didn't neatly fit into any of those categories that

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<v Speaker 1>we've just gone through, and you think to mention.

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<v Speaker 2>Yeah, I think for Tasmanian listeners, there is a pretty

0:13:05.679 --> 0:13:10.000
<v Speaker 2>timely change to election donations. So we know that Tazi

0:13:10.080 --> 0:13:13.000
<v Speaker 2>voters are heading to a snap election later this month.

0:13:13.200 --> 0:13:15.160
<v Speaker 2>This is a state that has become all too familiar

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<v Speaker 2>with state elections with what's going on there politically. But

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<v Speaker 2>new election donation rules mean all political donations to a

0:13:23.280 --> 0:13:27.960
<v Speaker 2>party must be made into specific bank accounts. So if you,

0:13:28.040 --> 0:13:31.640
<v Speaker 2>for example, are donating money to the Labor Party, that

0:13:31.760 --> 0:13:35.800
<v Speaker 2>will all go into one consolidated bank account and those

0:13:35.800 --> 0:13:38.960
<v Speaker 2>donations must be declared within seven days. So this is

0:13:38.960 --> 0:13:42.920
<v Speaker 2>going to increase the transparency around political donations and comes

0:13:43.040 --> 0:13:45.079
<v Speaker 2>at a pretty important time for Tasmanians.

0:13:45.559 --> 0:13:49.559
<v Speaker 1>Just quickly, and did you make any pre ephus purchases

0:13:49.600 --> 0:13:50.040
<v Speaker 1>this year?

0:13:51.120 --> 0:13:53.800
<v Speaker 2>I resisted, I tell you, I had to stop looking

0:13:53.800 --> 0:13:57.200
<v Speaker 2>at my emails though it was that it was getting hectic,

0:13:57.240 --> 0:14:00.560
<v Speaker 2>the fomo, the stress, it was a lot. I did

0:14:00.640 --> 0:14:03.400
<v Speaker 2>have something in a shopping cart on a website that

0:14:03.520 --> 0:14:06.600
<v Speaker 2>I was going to buy. On June thirty, I went

0:14:06.640 --> 0:14:09.240
<v Speaker 2>to bed, fell asleep completely, forgot about it first thing

0:14:09.360 --> 0:14:11.400
<v Speaker 2>yesterday morning, woke up, opened the cart and it was

0:14:11.400 --> 0:14:13.319
<v Speaker 2>like three times the price. So maybe next.

0:14:13.160 --> 0:14:15.440
<v Speaker 1>Year and you super went up, so in many ways

0:14:15.440 --> 0:14:16.920
<v Speaker 1>you actually made money.

0:14:16.760 --> 0:14:18.160
<v Speaker 2>Twice savings on savings.

0:14:18.280 --> 0:14:20.520
<v Speaker 1>Thank you here, Thank you so much and for taking

0:14:20.560 --> 0:14:23.080
<v Speaker 1>us through that whirlwind of changes, and thank you for

0:14:23.160 --> 0:14:25.040
<v Speaker 1>joining us on the daily Ohs this morning. We're going

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<v Speaker 1>to be back in your ears this afternoon with your headlines.

0:14:28.640 --> 0:14:34.840
<v Speaker 1>Until then, have a great day. My name is Lily

0:14:34.880 --> 0:14:38.280
<v Speaker 1>Maddon and I'm a proud Arunda Bungelung Calcuttin woman from

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<v Speaker 1>Gadigol country. The Daily oz acknowledges that this podcast is

0:14:42.680 --> 0:14:45.160
<v Speaker 1>recorded on the lands of the Gadighl people and pays

0:14:45.200 --> 0:14:48.400
<v Speaker 1>respect to all Aboriginal and Torres Strait island and nations.

0:14:48.720 --> 0:14:51.640
<v Speaker 1>We pay our respects to the first peoples of these countries,

0:14:51.760 --> 0:14:52.960
<v Speaker 1>both past and present.