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.

Support for students and apprentices

The government plans to reduce student loan debts by 20% and is raising the threshold for the income Australians need to earn before starting loan repayments to $67,000, pending legislative approval.

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

Newly employed tradespeople can look forward to additional financial support, as those entering apprenticeships in housing construction will receive $10,000 in incentive payments on top of their wages.

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

Additionally, through the Cheaper Home Batteries program, the government will subsidize approximately 30% of the cost for households and businesses to install a battery system alongside solar energy, helping them lower their energy expenses.

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.