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Here’s a synopsis of the Government’s 2024/25 Federal Budget by Barwon Financial Planning Geelong.

A Budget surplus of $9.3 billion is forecasted for 2023/24, which will be short-lived with an underlying cash deficit of $28.3 billion expected in 2024/25 (and a $42.8 billion deficit for 2025/26). The Budget noted a weak and uncertain global economy where growth is forecast to remain subdued over the next few years. Inflation is expected to remain elevated at 3.5% for 2023/24, which is then expected to fall to 2.75% in 2024/25.

Welcome to the latest edition of our quarterly newsletter for 2023. In this edition we will provide you with a market update and changes to the minimum pension payments. We will also touch on the question of whether to use accrued leave or take the lump sum when approaching retirement. Finally, we will introduce you to Jany, the Mortgage Broker.