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

Working with a financial adviser

Financial advisers are professionals who can help you plan and manage bigger financial decisions. Know what to expect when you…

Read more

Estate planning and superannuation

Many of us spend a great deal of time planning for our retirement but understandably, often do not put the…

Read more

Financial literacy: Why it’s important and how we can all improve

More than most, small business owners are responsible for ‘knowing their numbers’. But what happens when financial literacy is variable…

Read more

Capital Gains: securing the finance your business needs

Whether you need funds to get a new enterprise off the ground or are looking for capital to take things…

Read more

Episode 117. Where Do We Stand On A Long Winding Road To A Tumultuous Year?

Our last year’s episode commences with a discussion on a report regarding the Australian Retirement System and the Three Pillars…

Read more