Viridian Advisory’s latest survey revealed that the looming Federal Budget is stirring public concern, with cost of living, housing shortages, and aged care policies at the forefront.
Despite a general ambivalence towards the budget—82% of respondents felt neither optimistic nor pessimistic—it’s clear that economic pressures are mounting on the Australian populace.
The survey highlighted a notable rise in inquiries related to aged care and housing, reflecting ongoing pressures in these sectors.
Additionally, the economic landscape, influenced by international factors such as market volatility and policies from the Trump administration, remains a hot topic among clients.
Despite the potential upheavals from the budget, most advisers (96%) do not foresee major changes in portfolio allocations, suggesting a strategy of maintaining stability amidst uncertainty.
“While we do not expect any significant impact on client portfolios from the upcoming federal budget, we hope to see concrete commitments emerging from the budget that address client concerns which also includes childcare, education and Medicare,” said Brett Arnol (pictured), co-founder and general manager of advice at Viridian.
Luci Ellis, chief economist at Westpac, provided a broader economic context for the budget.
“The budget’s going to take place in the context of considerable global uncertainty,” Ellis said.
She elaborated on the domestic and international economic trends influencing the budget, from government spending increases abroad to the domestic expansion in public sector services like aged care and childcare.
Ellis also predicted targeted cost-of-living measures to be a significant component of the budget, addressing immediate public concerns.
