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The 2015-16 Federal Government Budget Summary from Banksia Partners
In what has already been dubbed the ‘have a go’ budget, Treasurer Joe Hockey has moved to restore confidence of ordinary Australians in the country’s future growth prospects.
The big winners are small business, families, farmers and job-seekers, with spending measures designed to stimulate spending, investment and growth. There is also a big lift in spending on national security.
Retirees and investors will be relieved that the government has repeated its promise NOT to make any changes to superannuation in this term of government. However, with effect from January 2017 the Age Pension Assets Test upper thresholds will be lowered which will reduce or eliminate Age pension entitlement for some current recipients; while the Assets Test base thresholds have been increased which will increase Age pension entitlement for some current recipients who are currently on much lower incomes.
Despite the new spending commitments, the government is forecasting a lower-than-expected budget deficit in 2015-16. <<Read more>>