The reworked stage three tax cuts will come into force in July, delivering an average tax saving of $1888 a year, or $36 a week. And while there are multiple ways to put that money to work, the experts agree on one thing: don’t waste this opportunity to overhaul your finances because even small changes can make a big difference in the long term.

The changes reduce the 32.5 per cent tax bracket to 30 per cent and increased the 37 per cent threshold from $120,000 to $135,000, while the 45 per cent threshold is increased from $180,000 to $190,000. Meanwhile, the bottom rate, 19 per cent, will fall to 16 per cent.