This year’s Budget sees the government taking some steps towards improving financial outcomes for women, as well as including measures targeting low and middle-income earners.
Our budget fact sheet gives you a snapshot of the changes, including:
- removal of the $450 monthly income threshold to receive compulsory super contributions which, in conjunction with increasing the super guarantee to 12% by 2025 (starting with a rise to 10% from 1 July 2021), is good news for our members
- one-off tax cuts for many Australians
- more funding for aged care, childcare and pre-school education, mental health support and combating family violence
- reduction of the eligibility age for downsizer contributions to super
- removal of the work test for non-concessional contributions and salary sacrifice contributions
- increase to the first home saver payment.