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2018/19 Federal Budget Report

2018/19 Federal Budget Report

If you’re the kind of person who loathes surprises, preferring to be fully apprised of impending gifts before birthdays, anniversaries or Christmases, then chances are you would have loved the recent Federal Budget.

In fact, if this Budget was a surprise birthday party, the guest of honour would have known weeks in advance. No hushed party guests waiting excitedly in the dark before trumpeting a raucous “Happy Birthday” to the unsuspecting party girl, or guy.

No, Treasurer Scott Morrison well and truly ensured Budget Night was a ho-hum affair, by historical standards, by virtue of the fact he’d been spruiking its apparent highlights for at least two weeks.
It’s not unusual, of course, for governments to drip-feed us some of the more favourable aspects of a budget before it’s officially handed down, but what we saw this month was a backs-against-the-wall government keen to gain maximum political bang for their budget buck ahead of next year’s election.
So far, it seems to be having the desired effect.

The Coalition will be pleased with its budget bounce, the latest Newspoll out yesterday (Monday) has Prime Minister Malcolm Turnbull extending his preferred PM lead over Opposition Leader Bill Shorten to 14 points (from 3), although Labor continues to hold a 51-49% two-party lead.

Post-budget opinion will soon be tested on the ground in five byelections, four of them caused by the citizenship fiasco, which ironically ensured this year’s Federal Budget enjoyed its shortest ever news cycle.
So, what to make of the actual budget measures? From a financial services perspective, there’s not a lot in it.

The Majority of you will have read the facts and figures by now, and will have an understanding of the changes. This summary is not a simple reiteration of these facts. As is customary at FinSec we wait to analyse the many budget reports hitting our inboxes and try to seek clarification on the ambiguous before providing our own analysis from a financial planning and wealth perspective.

We trust that you enjoy the read and we look forward to speaking with you individually about how this budget may impact your personal circumstances.