Federal Budget 2017 Highlights
There was good news for older Australians in the 2017 Federal Budget announced on 9 May.
Older Australians, aged 65 and over, who downsize their family home will be able to contribute an extra $300,000 into their super savings. This incentive, which starts from July 2018, is significant for retirees as it means they can free up the wealth in their home and boost their retirement savings.
It was refreshing that a year after the biggest superannuation changes in a decade, this year’s Budget saw only a couple of changes to super, both related to the Government’s plan to address housing affordability.
In more good news for retirees, the pensioner concession cards will be restored to 92,300 people who lost them when the asset test measures came into effect on 1 January this year.
Overall, older Australians, pensioners, first home buyers and business owners were the main winners in this year’s Budget while foreigners and big banks will be worse off.
It’s important to remember that the Budget announcements are not final law, and what you read on these pages are a summary of the key proposed changes. We’ll be providing further insights on the Budget and what it means over the coming days.
