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What the Federal budget means for you

With a federal election approaching us shortly, the 2019/2020 Federal Budget aims to deliver tax cuts to low and middle income workers and small businesses, superannuation tweaks for older Australians, and energy assistance payments.

Keep in mind that a number of the below policies depend on the Coalition government winning re-election in May – although Labor has announced bipartisan support for some of the listed me policy recommendations.

But here’s what this year’s Federal Budget essentially means for you and your family.

first home buyer financial insurance oran park macarthur

First Home Super Saver Scheme. What does it all mean?

As predicted in the lead-up to the Budget – housing affordability has been confirmed as one of the major components of this year’s Budget.

With Superannuation receiving so much attention in last year’s Budget – there was not much in terms of unexpected news this year. However, there was an important announcement for First Home Buyers:

The First Home Super Saver Scheme which was announced on Budget night will allow first home buyers to withdraw voluntary contributions they make to superannuation (along with associated earnings) to be used towards a deposit for a first home.

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