To kickstart the economy after Australia’s massive COVID-19 close down, the Federal Government has released a huge spending and tax cuts Budget for 2020.
Here is our summary of the 2020 Federal Budget and what it means for you:
- This appears to be a great Budget for the young, anyone still working and business owners. Self-funded retirees receive nothing directly – but if the share market improves due to this Budget stimulus then they should receive a nice gain over the next 12 months.
- Massive Government spending, tax cuts and wages subsidies will lead to higher spending throughout the economy and greater business investment.
- This pushes up confidence and job creation and more economic growth. This puts company revenue and profits on steroids – and share prices go up. As most self-funded retirees depend on the share market for growth of their income, this Budget indirectly helps them.
With this being the most important Budget since WW2 we have chosen a number of key announcements that will have the most impact on you and your business. Please do not hesitate to contact us if you have any questions about how this Federal Budget affects you.