Money matters with Effie

With the federal election done and dusted, plenty of Aussies can look forward to cost-of-living relief in the months to come. Here's the details of how you and your family could benefit.

- EFFIE ZAHOS

Teens and 20-somethings: Fee-free TAFE

Great news if you have a teen in high school. We know Australia is facing a serious shortage of tradies, and from 2027, 100,000 Fee-Free TAFE places will be available each year.

If your teen is thinking of a career in the construction sector, be sure to let them know that from July 1 apprentices who work in housing construction will receive $10,000 in incentive payments, on top of their wages, over the life of their apprenticeship. Apprentices will receive $2000 at six, 12, 24 and 36 months, and at the completion of their apprenticeship.

Tertiary students: 20% of student debt cleared

A whopping 3 million Australians have an outstanding student debt, and in many cases the balances aren't small.

The average outstanding HECS debt is $27,640, though one in four (24 per cent) of all debtors owe more than $40,000.

The good news is that on June 1, 20 per cent of student debt balances were forgiven. The move was expected to clear around $5520 from the average HECS debt.

Even better, students and graduates can expect to spend less paying down their debt each year.

On July 1, the minimum income repayment threshold for student loans will rise to $67,000, which is up from $54,435.