Federal Budget summary 2016

Introduction

Chances are you’ve got bills to pay, a family to support and goals you want to achieve in retirement. So how might this year’s budget affect those things and you financially?

Federal Treasurer Scott Morrison put forward a number of proposed changes, mainly around contributions to superannuation and taxation, in the budget last night.

Here’s a brief roundup of what the proposals could mean for you—whether you’re starting out in your career, taking care of a family, on the cusp of retirement or enjoying life after work.

Remember, proposals are not set in stone and could change as legislation passes through parliament.