You’ve won some, you’ve lost some. The biggie here is the rise in the retirement age, which the government has been telegraphing for a while. Working an extra 3 to 5 years (depending on when you were born) is going to have a big impact on most people’s long term financial planning.
1. There will be a new Paid Parental Leave Scheme.
2. Some child benefits will be discontinued when a child reaches the age of 6 as opposed to the current age of 16.
3. Family assistance thresholds will be reduced.
4. Doctor visits will no longer be free – a fee of $7 will be charged.
5. The Energy Supplement will stay in place and the government estimates the average family will benefit to the tune of $550 due to the abolition of the Carbon Tax.
6. The cost of running a car will rise – the gasoline tax that has been frozen since 2001 will now be indexed to inflation twice a year.
7. If you were born after 1965 your retirement age will be raised to 70.
If you want to find out more about how the 2014/15 Budget will affect your financial future, phone Wealthwise on 08 9380 6333 to speak to one of our advisers or use our Contact Form.
For Federal Treasurer Joe Hockey’s full statement check out the government’s budget website.