Minimum Wages Increase And Changes To Superannuation Guarantee

Accounting and Tax
July 25, 2022

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As per the Fair Work Commission’s announcement on 15 June 2022, the national minimum wage will increase starting 1 July 2022.

What you can do now

The Fair Work Ombudsman have updated their pay tools, information, and resources with the new rates for the first set of awards affected.

You can:

use the Fair Work Pay and Conditions Tool to calculate your employee’s new pay rates (including allowances)
go to the Fair Work Pay guides page to access the updated pay guide for your award
use the Fair Work Find My Award tool to check what honour you’re covered by
update your payroll and accounting systems so that you continue to pay your employees the right amount of super.

1 July 2022 minimum wage increase

From the first pay period on or after 1 July 2022, minimum wages increase under the National Minimum Wage and most awards.

National Minimum Wage increase

The National Minimum Wage applies to employees not covered by an award or registered agreement.

From 1 July 2022, the National Minimum Wage has increased by $40 per week, which amounts to an increase of 5.2%.

The new National Minimum Wage is $812.60 per week or $21.38 per hour.

Award minimum wage increase

An award covers most employees. Awards are legal documents that outline the minimum pay rates and conditions of employment. If you’re unsure which award applies to you, use Find My Award.

From the first pay period on or after 1 July 2022, adult minimum award wages increased by 4.6%, subject to a minimum increase for award classifications of $40 per week and based on a 38-hour week for a full-time employee.

Other award wages, including junior, apprentice and supported wages based on adult minimum wages, will get a proportionate increase.

This means minimum award wages:

Above $869.60 per week, get a 4.6% increase
below $869.60 per week, get a $40 boost.

1 October 2022 minimum wage increase

Some award rates increase as of 1 October 2022.

The adult minimum wage in some aviation, tourism and hospitality awards will increase from the first entire pay period on or after 1 October 2022.

These awards include:

Aviation
- Air Pilots Award [MA000046]
- Aircraft Cabin Crew Award [MA000047]
- Airline Operations – Ground Staff Award [MA000048]
- Airport Employees Award [MA000049]
- Airservices Australia Enterprise Award 2016
Hospitality
- Hospitality Industry (General) Award [MA000009]
- Registered and Licensed Clubs Award [MA000058]
- Restaurant Industry Award [MA000119]
Tourism
- Alpine Resorts Award [MA000092]
- Marine Tourism and Charter Vessels Award [MA000093]

Superannuation changes from 1 July 2022

There are also changes to superannuation taking effect from 1 July 2022.

This includes the following:

Removal of the $450 super guarantee threshold

Employees will be eligible for a super guarantee, regardless of their earnings. This is because the $450 monthly eligibility threshold for when the super deposit is paid is being removed. You only need to pay super for workers under 18 who work more than 30 hours a week.

Increase in the super guarantee rate from 10% to 10.5%

The super guarantee rate will increase from 10% to 10.5% on 1 July 2022. You will need to use the new rate to calculate super on payments you make to employees on or after 1 July, even if some or all of the pay period is for work done before 1 July. (The super guarantee rate is legislated to increase to 12% by 2025).

Ensure you update your payroll and accounting systems to continue to pay the right amount of super for your employees.

If you’re not actively managing your loan, chances are you’re paying more than you need to — and missing out on savings of $50 a week or more.

Whether it’s a mortgage, personal loan, or asset finance, small tweaks can unlock big savings. At AFP Finance & Loans, we’ve helped clients reduce repayments by over $2,600 a year — without changing their lifestyle or taking on more risk.

This article breaks down practical, proven ways to help you save around $50 each week on your repayments — and why working with a broker enables you to reach your goal of paying off your loan more easily.

1. Lower Your Rate

One of the simplest ways to save $50 a week is by securing a better interest rate. According to findings by PEXA, homeowners who refinanced to a new lender saved an average of $1,908 per year (nearly $37 per week) compared to just $384 annually for those who stayed with their original lender.

The kicker? Existing customers often pay 0.21% more than new customers. That small difference could mean an extra $70 each month on a $526k mortgage.

Refinancing through a trusted broker at AFP Finance & Loans ensures you’re not just accepting the status quo. We compare lenders, negotiate better terms, and help you avoid hidden costs.

Tip: If your rate drops, keep repayments the same to pay off your loan faster and save more in interest.

2. Switch to Weekly or Fortnightly Payments

Most people don’t realise they can make an extra month’s repayment each year just by switching from monthly to fortnightly payments.

If your lender calculates interest daily, this simple change can cut years off your loan and save thousands in interest.

While more frequent payments may not free up the whole $50 immediately, the compound savings are significant over time.

3. Use an Offset Account

Do you have savings sitting in a separate account? You could be missing an opportunity to save $50 each week in interest.

An offset account is a type of bank account linked to your loan. The balance in this account is used to offset the principal (the amount you still owe) — meaning the interest you pay is calculated on a reduced balance.

An offset account allows your money to shrink your loan amount, without locking your savings away. Funds remain fully accessible — but while they sit in the account, they’re actively working to lower the interest you pay (without any extra repayments).

For example, keeping $50,000 in offset on a 6% loan saves about $3,000 a year — or $57 a week — making every dollar work harder for you.

4. Cut Hidden and Ongoing Fees

Fees can quietly erode your savings. Annual package fees can range from $300 to $400, and monthly service fees still exist on many products.

By switching to a low-fee alternative or refinancing smartly, you could reduce your outgoings by $10–$15 a week. We review fee structures and recommend lenders who offer genuine value — not just teaser rates.

Why Work with a Broker?

From refinancing and rate shopping to offset structuring and fee analysis, you will be supported from start to settlement with AFP Finance and Loans. We’ll act on your behalf, comparing options and securing better terms.

With access to over 50 lenders on our accredited panel, AFP Finance & Loans assists clients with residential loans, commercial loans, personal loans, investment finance, and more. We do the heavy lifting so you can focus on what matters to you.

How to Start Saving $50 a Week, Today

You came here to save $50 a week on your loan, and by now you should see it’s easier than it sounds.

Many people overpay without realising. However, with better advice and a few simple adjustments, you can lower costs, improve cash flow, and stay on track financially.

The next step? Get expert eyes on your current agreement. AFP Finance & Loans can help you reduce repayments, avoid fees, and structure your loan repayments to serve your goals.

Book your loan review today to put $50 a week back where it belongs: in your pocket.