Monday, May 07, 2007
The Federal Budget 2007
It is Monday morning and I am sitting here wondering what “goodies” Mr Costello will deliver to us tomorrow night.
My wife and I are classified as Self Funded Retirees, mainly because for all of our working lives (around 40 years) we contributed to Superannuation at the rate of 5% of income. We managed to raise 2 fairly decent kids without too much on the luxury side and thought that when we hit 65, the government would give us a little help. We did not realize that the operative word in this was “little”
Lo and behold, at age 65 (62.5 for Mrs bazza) we were granted the Age Pension . Admittedly it was only $20 per week (because of the value of our Super) but every little bit helps and the Concessions were worth having. Imagine our delight when Mr Costello announced in the 2006 Budget that the asset test was to be relaxed! An extra $200 odd per week would put us on easy street.
Unfortunately, the devil is in the detail and we are still waiting. The asset test relaxation announced in May 2006 will finally take effect on 20th September, 2007, a wait of 16 months.
Our fingers and legs are crossed, hoping that any benefits that might flow to the older population this year will be a little quicker in making an appearance.
bazza
[bazza is the first guest author here at “You Can’t Coach That”. While he tells me he his retired I think I his full time job is spending his children’s inheritance 
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