For the first time that I can remember, the Australian Government has delivered a budget which pretty closely matched what they were saying in the lead up.
This is a tough budget as budgets in the first year of a government’s term tend to be, and particularly in an environment where the government budget is in deficit, and our nation is facing increasing levels of debt.
In a recent post, I got fairly fired up about a 4 Corners episode which had explored the shortcomings of Commonwealth Financial planning and in particular one of its advisers.
There had been little debate over the episode in any of the forums which I visit regularly, so I thought maybe I was out of step. So what was I so steamed about?
For me the episode missed the point. Sure there was the guy from Wollongong who dies before his life insurance was paid out, and had to fight CFP in the courts to get his entitlement, there was the ex-school teacher who had lost half his savings, there was the ex Qantas pilot battling with dementia who had lost substantial sums. These are all sad stories, which have had a devastating effect on the people concerned and their families, and they made for compelling viewing.
The recent Four Corners episode on Commonwealth Financial Planning prompted me to write this short piece. I even got sufficiently agitated to make this video