In what has been dubbed the ‘have a go’ budget, Treasurer Joe Hockey has moved to restore the confidence of ordinary Australians in the country’s growth prospects. The big winners are small business, families, farmers and job-seekers, with spending measures designed to stimulate spending, investment and growth. There is also a big lift in spending on national security. Retirees and investors will be relieved that the government has repeated its promise not to make any changes to superannuation in this term of government. Despite the new spending commitments, the government is forecasting a lower-than-expected budget deficit in 2015-16.
Please read our Federal Budget analysis here.
We are currently in the process of reviewing how the Budget affects you and your financial plan but if you have any questions or queries, please do not hesitate to contact your adviser. In the meantime, we hope you find this analysis useful and informative.