5 things in advisory this week 08.10

Here’s what happened this week:

1. It’s budget week! Treasurer Josh Frydenberg announced a slew of measures to help carry the economy through the Pandemic including tax cuts for around 11 million taxpayers back-dated to July 1 this year. More here.

2. A miss for SME advice? The 2020 budget falls short for the advice sector, that’s what Chris Ridd says in his weekly column which you can read here.

3. Boosting super performance. The government announced a range of reforms to the way fund members engage with their super in this week’s budget. More here.

4. What’s in it for millennials? They’re a generation that is due to inherit a vast sum of wealth from the Baby Boomer generation, so when it comes to monetary policy, it’s important to understand how this generation stands to benefit. The AFR has a rundown on what’s in this year’s budget for millennials, including tax cuts for middle income earners, a boost to the first home buyer scheme, and wage subsidies for young workers. More here.

5. Financial stress climbs. As many as 2.29 million Australians are currently facing financial stress – over eight times more people than pre-COVID times, according to wellbeing program Financial Mindfulness. More here.