SuperGuide
Superannuation and retirement planning information
Jim Chalmers delivered his third Federal Budget on 14 May 2024, forecasting to deliver a surplus of $9.3 billion for this financial year. This would be the first time there have been back-to-back surpluses in nearly two decades, but the forecast surplus is less than the $22.1 billion last financial year.
The second Budget of the Albanese Government holds the line on fiscal discipline, while acknowledging the pain that many Australian households now face with mounting cost of living pressures.
In early reporting of the October Budget, the landmark Women’s statement was only briefly mentioned. We take a deep dive.
The first budget delivered by Treasurer Chalmers is a ‘steady as she goes’ document with few surprises, and many of the key initiatives telegraphed widely before budget night.
It was a quiet night for superannuation, but the Federal Budget provided some ‘cost of living’ announcements that could give millions of Australians a cash boost over the coming months.
Removing SG’s $450 per month threshold and the work test, Enhancing the FHSSS, Downsizing and the Pension Loans Scheme.
This year the headline announcements are the bringing forward of tax cuts already announced in the 2018 and 2019 Federal Budgets, but there are also some interesting announcements around superannuation.
On 2 April 2019, Josh Frydenberg announced his first Federal Budget as Treasurer. There were only a handful of policies that directly relate to superannuation, but also tax cuts and a one-off energy payment for older Australians.
