There were no major surprises for clients in this week’s budget – one of the least controversial in years.
The much sought-after budget surplus remains 4 years away. The biggest 5 banks (and their shareholders) have taken some pain, as have working-age welfare recipients. Several measures aimed at improving housing affordability are well-intentioned, but in our view, unlikely to be effective. There’s some good news for small business owners, and increased spending on infrastructure.
Thankfully, superannuation was left relatively untouched, after a major overhaul last year and the recent passing of the Super Reform package in November last year.
Please follow this link to access our 2017 Federal Budget Report.
The paper is long, but please don’t feel obliged to read the whole thing cover-to-cover! In the super, tax and social security sections, we summarise who’s affected by each measure so you can skip over items that aren’t relevant to you.
Our usual caveat applies of course, that these changes are not yet legislated. Although that risk is probably less than in previous years, as these measures are more likely to garner support in the Senate.
If you have any questions or concerns, please don’t hesitate to contact me on (02) 9683 6422.
Aine Love
Marketing Manager
Profile Financial Services
t: +61 2 9683 6422
e: aine.love@profileservices.com.au
www.profileservices.com.au