Another financial year has come and gone. It certainly has been a tumultuous twelve months with Covid, Jobkeeper, lockdowns and vaccine rollouts!
With Jobkeeper and other government assistance having now ceased, business is left to stand on its own. From what I have seen most have made it through relatively well, considering. Some in retail and tourism not so well.
There has been some good tax policy with individual and company tax rates effectively reduced for the majority of taxpayers and the extension of the instant asset write off for business. Mind you, collectively with 3 layers of government, the average Australian loses more than 50% of their pay packet to various taxes, rates and stamp duties.
Surprisingly it’s been a great time to invest (or have owned investments). Property and share markets are at all time highs and super account balances have bounced back. How long can this be sustained? We have some very interesting times ahead.