The federal budget brought down on 12 May 2009 contains a wide variety of measures that will affect various aspects of the superannuation and retirement income systems in Australia. Though the superannuation changes were perhaps not as widespread or adverse as had been rumoured, measures like the reduction in the concessional contribution cap are disappointing and will reinforce many Australians’ perception that it is difficult to plan for retirement when the government keeps tinkering with the rules.
2008 has been a year dominated by market volatility as governments and central banks continue to support financial markets and the economy, but the credit crisis is requiring an ever increasing level of intervention. Global equity market falls have been significant and the credit crunch has triggered a fundamental change in the assessment of debt levels.
The federal budget brought down on 13 May 2008 contains very few new measures relating to superannuation, but includes a number of changes to family benefits and taxation.
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