Federal Treasurer Scott Morrison handed down his first Federal Budget on Tuesday the 3rd May.

The Budget contains a number of proposed measures which focus on repairing the budget deficit blow-out over the coming years through both reduced government spending and of course increasing revenues. The Budget also laid out plans which aim to improve confidence and promote innovation led growth in the Australian economy. The winners are low and middle income earners, unemployed youth and small business, and there are significant changes to superannuation.

BT 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.

As always please feel free to contact us if you would like to discuss how the budget may impact you or any other matter in greater detail.