The 2017-18 Budget has much to make it popular. In fact, the goodies make it almost feel like a pre-election rather than a post-election budget. The transformation from the austerity to end “the age of entitlement” of the 2014 budget to the “fairness, security and opportunity” of this Budget has been profound.i
– The 2017-18 Budget has a welcome focus on housing affordability and infrastructure.
– Subdued wages growth is keeping revenue collection down contributing to a slight deterioration in near term deficit projections (a deficit of $29.4bn for 2017-18) but a return to surplus is still projected for 2020-21.
– This year’s Budget should be positive for confidence.
– The impact on the RBA and the shares is likely minimal.
Download an update on the 2017-18 Australian Budget.
Here is a roundup of some of the key proposals put forward, and a look at how they might affect your financial goals — whether you’re starting out in your working life, building a career and family, or enjoying the fruits of your labour in retirement.
Remember, at this stage these are just proposals and not yet law. As such, they could change as legislation passes through parliament.
If you have questions about the 2017-18 Australian Federal Budget, please contact us. Out advisors would be pleased to speak with you.