New federal budget causes concern

New federal budget causes concern

Source: The Bull

According to an article by The Bull, two-thirds of consumers are feeling worse off because of the federal budget, with many planning to cut their spending despite the latest interest rate cut.

A recent poll by financial products website Mozo, found that 44 per cent of consumers will cut their spending and 63 per cent believe that the new budget will put them in a worse position than they are at present.

Mozo director Kirsty Lamont says people will spend less, despite the latest interest rate cut.

“With the majority of people now feeling worse off after the latest budget, those plans aren’t likely to change,” she said.

Read the full article here.

The Bull noted that, opinion polls show around 55 per cent of survey respondents have expressed concern about the budget as many would be $300 a year worse off.

By comparison, 14 percent of consumers were worried about a new 15 percent tax on superannuation earnings of more than $100,000 a year from July 2014.

If you are concerned about the new budget and the impact it will have on your wealth, with the new financial year around the corner, now is the time to start to plan for your year ahead.

Contact UGC to speak with one of our financial strategists for a No Cost, No Obligation consultation on 03 8657 7640 or email [email protected]. We would be more than happy to review your current arrangements and give you the advice you need for a more secure financial future.

The information contained in this report is General in nature and has been prepared without taking into account your objectives, financial situation and needs.

Recent stories

How A Guarantor Can Help You Secure Finance

When you’re desperately trying to save up a deposit for a home and just see the prices of property climbing…

Read more

Four real estate trends to watch as economies reopen

After a tumultuous 2020, we identify four main trends that will drive real estate this year and in the decade…

Read more

Weekly Market Updates | July 28, 2021

Watch UGC’s weekly market update videos to find out the week’s most important financial and investment news.

Read more

How super works

Super is a way of saving for retirement. Your employer must pay a percentage of your earnings into your super…

Read more

How to create an investment plan

 By Robin Bowerman, Head of Corporate Affairs, Vanguard Australia Creating a financial plan is the first – and perhaps most…

Read more