More in your pocket: Changes to expect from July 1

Tasmanians will have to pay 3.5 per cent more for water and sewerage services from next week.

This will take the average residential TasWater bill up to $1365.73.

There will be an average increase of 0.5 per cent on electricity bills for Tasmanian households and small businesses from July 1.

From the start of the next financial year, a $250 credit will be automatically applied to household electricity bills and a $300 credit to eligible small business electricity bills through the Tasmanian government's Renewable Energy Dividend.

The federal government has another credit scheme to start from July 1 too where all households will receive a $300 credit automatically on their electricity bills and small businesses will receive a $325 credit.

There will be a range of election promises by the Tasmanian government for homebuyers to be brought in from next week.

The most expensive of these is the implementation of the first-home buyer duty exemption which will cost the Tasmanian government $79.7 million over three years.

The exemption applies retrospectively from February 18 this year.

The tax-free threshold on land will increase from $99,999 to $124,999, at a cost to the budget of $21.5 million over three years.

The Pensioner Downsizing Duty Concession will be extended by a year.

A 50-per-cent duty concession to buyers of a new apartment or unit off-plan or under construction valued at up to $750,000 will be brought in for two years.

The federal government's $9.3 billion five-year housing fund is to commence in the new financial year.

Tasmania will receive $195.3 million over that time.

Commonwealth rent assistance will go up by 10 per cent, following a 15-per-cent rise last year.

Minimum wage and award wages will increase by 3.75 per cent from July 1, which will push the minimum hourly rate from $23.23 per hour to $24.10 per hour.

The minimum weekly salary, based on a full-time, 38-hour working week, will go from $882.80 to $915.91.

Paid parental leave will increase from up to 100 days of paid leave to 110 days, based on a five-day working week.

This leave will again increase to 120 days from July 2025 and 130 days from July 2026.

The super guarantee will increase to 11.5 per cent from 11 per cent.

From 1 July 2024, the 19 per cent tax rate will reduce to 16 per cent, and the 32.5 per cent tax rate will reduce to 30 per cent.

The threshold for the 37 per cent tax rate will shift from $120,000 to $135,000, and the threshold for the 45 per cent tax rate will go from from $180,000 to $190,000.

The average tax cut will be $1888 per year - or about $36 per week.

A person on $40,000 will receive an annual tax cut of $654, a person on $60,000 will receive $1179 more in their take-home pay, and a person on $80,000 will pay $1679 less in cash.

For somebody on $100,000 a year, there will be a tax cut of $2179 and somebody on $150,000 a year will pay $3729 less in tax.

For people earning between $50,000 and $120,000 a year, they are more than $800 better off than under the previous stage 3 tax cuts under the former Coalition government.