My take on Budget 2014: Advice comes firstBY CHRISTOPHER PAGE | TUESDAY, 13 MAY 2014 9:38PM Financial advice is proving more important than ever at a time when Australia faces harsher economic conditions and irreversible changes on tax and social security benefits. Setting ... Upgrade your subscription to access this article
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It appears that the aspect of the 2014 Australian Federal Budget of most significance for financial planners will be the need to offer more stringent personal lifestyle budgeting for clients. Subtle changes like co-payment for medical and associated services; increased fuel excise costs; reduced family support; and any flow-on effects from any of these changes will impact on how accumulators can prepare for their financial futures from current income; and how Centrelink beneficiaries will cope with day-to-day living costs. Longer-term strategic financial planning may just have become a little longer yet.