Federal Treasurer Joe Hockey delivered his second Federal Budget on Tuesday 12 May 2015.

The Budget contains a number of proposed measures which focus on small businesses, families and changes to the age pension asset test thresholds and taper rates. The Budget also laid out plans which aim to restore confidence and promote growth in the Australian economy.

Colonial First State have prepared a budget summary outlining these key measures in detail. To read how the proposed measures may impact you please click here.

Please keep in mind that these measures are yet to become law (proposals only) and are required to pass through the passage of legislation. As such, we recommend you wait on the final outcome before making any decisions or changes to your financial circumstances. If last year’s budget proposals are any indication, these measures may be subject to change through the implementation process.