No big surprises...

The 2013/14 Federal Budget will not be the most memorable. However, there are $43 billion worth of savings to, hopefully, drive the budget into a wafer-thin surplus by 2016/17. Thankfully, the superannuation tinkering did not extend any further in this Budget but re-enforced the announcements made on 5 April 2013. Again, it is important to note that, in this election year, most of the proposals announced are not yet law.

From a financial planning perspective, the Budget did deliver some amendments in the social security and family benefit payment space which may impact on some clients. The superannuation, pension and social security proposals further highlights the importance of getting good financial advice.

The following is a summary of the changes (Westmount), commentary/implications (AMP) and a video summary (MLC). Rick Maggi.

Federal Budget Analysis 2013                  Commentary/Implications                Video Summary