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.