Federal Budget 2019 Highlights
What the budget means for you
This year’s Federal Budget focused on strengthening the economy, lowering taxes and creating more jobs to secure a better future for Australians.
While only minor changes were proposed to superannuation compared to previous years, they will provide more opportunities for those approaching retirement to boost their super balance. Further changes to personal income tax will provide relief for working households, and increased spending has been allocated to essential services across health, education and aged care.
It’s important to remember the announcements are only proposals and won’t become law until they pass Parliament. This, in turn, will largely depend on the outcome of the upcoming Federal Election. However, if passed immediately, several of the changes would potentially leave many working Australians with more money in their pockets from 1 July 2019. If you’re unsure about how these changes may affect you, please speak with your financial planner.