Along with many accountants and advisors, as well as other Australians who have an interest, I spent last night watching the announcement of our Federal Budget for the upcoming year.

For anyone who has never watched the Budget announcement, it only takes about 30 minutes…but the following hours, today’s newspapers and news bulletins and TV specials in the coming days will be saturated with discussion and debate…after all it is politics!

We were warned well in advance that this budget would be difficult…and it didn’t disappoint on that front.  However, as alluded to in my previous post Federal Budget Preview 2014-15, in some areas it probably wasn’t quite as bad as it could have been…(my opinion only!)

The theme of the budget leans towards the end of the “age of entitlement”…in recent years there have been may financial allowances and supplements made available to varying groups within our Community, many of these are now being reduced or withdrawn.  But I ask you to please remember that there are planned benefits to come from these cuts, but being big ticket items, you won’t see these benefits immediately.

The Herald Sun newspaper have a short quiz on their website where you can answer some simple questions and be provided with a summary of the changes you can expect in your personal situation, you might be interested to take a look (its at the end of the article on this link).

Any thoughts on the budget?

Regards