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The Budget strongly emphasizes easing cost-of-living pressures and the Government announced an initiative to deliver energy bill relief for all Australian households and certain small businesses.

Individuals have the right to run them and invest in assets they have confidence in, just as long as they understand and operate within the rules and have an absolute focus on maximising their retirement savings as the sole purpose test stipulates.

The most recent market movements including recent gains in global equities and the potential for alternative investments, such as private credit and gold.

Inflationary pressures, interest rates, and escalating cost of living have significantly impacted everyday Australians. This year’s Budget strongly emphasises providing cost of living relief, strengthening Medicare, and investing in a more robust and secure economy.

The changes proposed by the Labor Government have the potential to use policy settings that have long-term retirement savings consequences for all future Australians to target a small group of wealthy boomers in the short term.

On 28 February 2023, the Federal Treasurer and Assistant Treasurer announced a proposal to impose an extra 30% tax on superannuation benefits of more than $3 million from 1 July 2025.

The Australian Securities and Investments Commission abandons the recommendation of a minimum balance of $500,000 to set up a fund.

It’s not surprising to see commentary for 2023 suggesting home prices continuing to fall, global stock markets to crash, companies to be hit by rising interest rates and inflation and the continuing challenges from energy prices affecting households and businesses.

An ATO ruling that excludes family members on the death or divorce of their natural parent seems arbitrary in a society where blended families are widespread.

Contributing factors to the growth of Australian millionaires are stock market earnings, property, and other investments.

The October 2022-23 Federal Budget has focused on families, education, health, aged care, energy, and affordable housing.

The High Court decision in Hill v Zuda has given trustees greater certainty around binding death benefit nominations.