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

Switching home loans

Refinancing your home loan to take advantage of a lower interest rate might save you money. Before you switch, make…

Read more

Tips to help make 2020/2021 tax time easier

It’s been a year of change like no other and that extends to tax and superannuation. As the end of…

Read more

The importance of having a will

While it’s not something anyone likes to think about, planning your estate may make things a little easier for your…

Read more

Fears and expectations

By Richard Dinham, Head of Client Solutions and Retirement For many, the word ‘retirement’ is associated with the idea of…

Read more

Savings accounts

Savings accounts help your money grow faster by offering a higher interest rate than everyday transaction accounts.  Get the highest…

Read more