New financial year: The July 1 laws that will affect your hip pocket

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From accessing another $10,000 of superannuation to boosting the minimum wage, Australians can expect a raft of new changes with the beginning of another financial year.As the clock ticked over to July 1 overnight, a number of sweeping financial measures and laws took effect.From snapping up a cheap home loan to earning more in your weekly pay packet, here’s what you can expect from the first day of the new financial year: Registration cost hikes are frozen in most states – but not all. (Supplied)’OPEN BANKING’ BEGINS, MAKING IT EASIER TO SWITCHIt might sound fairly insignificant, but today one of the biggest financial overhauls of our time has taken effect, known as “open banking”.Under the new regulations, Australians can instruct their bank to share data from their credit and debit cards, and savings and transaction accounts.It sounds like a privacy nightmare – but in reality it will make it far easier for customers to cross-shop financial products and get the best deal.For example, you could theoretically direct your bank to share your transaction details with an open-source budgeting app to help you save. Previously, you’d have to rely on whatever product your bank could offer in-house. Open …

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