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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.

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Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365. Financial planning services are provided by our wholly owned financial planning business Aware Financial Services Australia Limited, ABN 86 003 742 756, AFSL No. 238430.
This information is of a general nature only and is not specific to your personal objectives, personal situation or needs. Before making any decisions based on this information you should consider its appropriateness to you. Every effort has been made to ensure the information is accurate. We strongly recommend that you consult a financial planner before taking action and review the relevant Product Disclosure Statement.
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