Budget projected to be in surplus by 2021, medicare levy hike, massive infrastructure spend to boost economy, negative gearing left as is, big 5 banks to be levied 6 points raising $6.2bn, small business $20k immediate write off extended, downsizing retirees given extra superannuation contribution cap, first home buyers given tax breaks to save for deposit.
Newsflash provided courtesy of Eureka Whittaker Macnaught.
Michael was also at a budget dinner tonight with Brian Hartzer (Westpac CEO) and Bill Evans (Chief Economist Westpac) and interesting discussion around the drivers of the budget moving to surplus, forecast key assumptions, housing affordability, FX rate forecasts and interest rate forecasts.
BT Financial Group have kindly offered to provide a lunch to discuss the budget. If you are interested in attending, please call through to the office to register.