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The federal government plans to use part of the $4.2 billion projected budget surplus to provide cost-of-living relief for Australian households and small businesses. It’s also moving forward with controversial plans to change tax concessions for the superannuation industry.
While it pays for advisers to work closer to a large cohort of well-heeled clients in metropolitan areas, the opposite is true for paraplanners, with scarcity of talent pushing salaries sky-high for regional workers.
More rises are likely to come but analysts say a confluence of factors may cap the official rate at around 3.1 per cent in 2023, providing relief to Australian households.