The Budget has been announced.

I have highlighted some features here.

For mutual financial institutions, my initial reaction is that the things that will affect you long-term include:

• paid parental leave from 1 January 2011;
• First Home Owners Grant reduction;
• the government’s response to the Tax Review report on the retirement income system including the proposed increase of the aged pension age gradually to 67 from 2017;
• changes to superannuation contribution concessions;
• pension draw down relief;
• changes to the private health insurance rebates;
• increased funding for ASIC;
• the extension of coverage of the Do Not Call Register;
• and, of course, the forecast increased unemployment rate and high levels of debt.

I’m sure more fine-print will reveal itself in the next few days.