On Tuesday 8 May, the Government announced the Federal Budget.
Proposed changes and initiatives included:
- A new tax offset for low and middle income earners, up to $530 per year
- Super accounts with small balances will have more protection from fee erosion and unnecessary insurance premiums
- People receiving the Age Pension will be able to earn up to $300 per fortnight without it affecting the amount of their Age Pension
- More aged care places to assist older Australians.
Read how these changes could affect your financial situation.