2009-10 Budget

The Budget has been announced.

I have highlighted some features here.

For mutual financial institutions, my initial reaction is that the things that will affect you long-term include:

  • paid parental leave from 1 January 2011;
  • First Home Owners Grant reduction;
  • the government’s response to the Tax Review report on the retirement income system including the proposed increase of the aged pension age gradually to 67 from 2017;
  • changes to superannuation contribution concessions;
  • pension draw down relief;
  • changes to the private health insurance rebates;
  • increased funding for ASIC;
  • the extension of coverage of the Do Not Call Register;
  • and, of course, the forecast increased unemployment rate and high levels of debt.

I’m sure more fine-print will reveal itself in the next few days.

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