The lives of millions of Australians are going to change next week.

Tuesday, July 1, marks the start of a new financial year and will see the introduction of sweeping changes from state and federal governments.

For some, these changes will mean more cash in the back pocket.

Many of the changes – which include increasing minimum wage, extending paid parental leave and providing energy bill relief – are aimed at reducing cost-of-living pressures for everyday Australians.

Here’s everything you need to know about the changes being introduced on July 1.

The National Minimum Wage will increase by 3.5 per cent on July 1, jumping from $24.10 per hour or $915.90 per week to $24.95 per hour or $948 per week.

Award wages will also increase by 3.5 per cent, meaning about 2.9 million Aussies currently on low and award wages will receive a pay rise.

Centrelink payments and thresholds will increase by 2.4 per cent on July 1 in keeping with regular indexation.

It’s a small increase but one that will be welcomed by about 2.4 million Centrelink recipients.

The minimum amount employers are required to contribute to employees’ superannuation accounts will also rise, jumping from 11.5 per cent to 12 per cent.

Superannuation will also now be paid on all government paid parental leave.

Speaking of paid parental leave, this will increase to 24 weeks (or 120 days) from July 1 so parents can spend more time with new children.

All individual and family income limits on paid parental leave will also increase.

Support for students and apprentices

On top of slashing student loan debts by 20 per cent, the government is increasing the minimum income Australians must earn before they’re required to start paying back their loans to $67,000 (subject to the passage of legislation).

Eligible nursing, midwifery, teaching and social work students will be able to $319.50 per week in Commonwealth Prac Payments from July 1.

New tradies can also expect a financial boost, with those who take up apprenticeships in housing construction set to receive $10,000 in incentive payments on top of wages.

Australian households will receive another $150 in energy bill relief from July 1, as will about one million small businesses.

The government will also cover about 30 per cent of the cost of installing a battery system alongside solar energy for households and businesses looking to slash their energy bills under the Cheaper Home Batteries program.

From July 1, Australians receiving the age pension will benefit from adjusted income and asset thresholds designed to better keep up with inflation.

The cut-off point has been lowered from $481,500 to $470,000 for couples and from $321,500 to $314,000 for singles.

As a result, couples who are asset-tested will receive a $34.50 fortnight increase to their age pension payments, while singles will receive an extra $22.50 per fortnight.

National disability insurance scheme

The NDIS will introduce a number of changes this week, such as lowering the maximum rates providers can charge some NDIS participants, and removing establishment fees for participants.

Disability support workers will be pleased to hear they’ll also get a 3.95 per cent pay increase from July 1.