Hello, and welcome to the Australians Money Puzzle podcast. I'm James Kirby, Wealth editor at The Australian, and welcome to our Budget Special Budget Special Edition, which I do each year and have done now for some years with Will Hamilton of Hamilton Wealth Partners.
How are you, Will, I'm very well, James, Thank you.
I like that we do this forty eight hours after the budget because we get to see not just what every sort of the knee jerk reaction on the evening or the next morning, but we get to see a sort of distillation of the analysis of it where everybody has a chance to actually sit down and take a proper look at it. I think, I mean, we're going to talk, folks about what the budget is for investors, right and what it means for investors, and don't be don't ever be of the opinion I think anyway that
the budgets don't matter. Every budget matters, and there is enormous information inside the budget if you know where to look. And people will often say, oh, there's nothing in the budget. Not true. Not true this year either, even in the way that some things didn't happen is actually news in and of itself and explain that as we go into it. But first of all, I suppose on the headlines, on the big picture, for any investor, people want to know, well,
what's going on with rates? They were supposed to drop now they're drifting. Looking at this budget, which is our window into the local economy. Does it suggest the rates will still drop or will will they actually move higher? And that's linked with inflation. Is it an inflationary budget? So question one for Will Hamilton is it an inflationary budget?
My view is the cost of living support is diametrically opposed to inflation control. And I think everyone is focusing on the three hundred dollars.
That's right, that every household is going to get for energy bits.
Correct spread over each quarter, seventy five dollars, And now they're saying, you know, if you've got multiple households, it could be that there's not enough talk about the tax cuts and the tax cuts coming in as well, and
I think if that is meaningful, their meaningful. I actually think the three hundred dollars you spread across four quarters, I don't know if it's going to have any meaningful impact, but the tax cuts do have a meaningful impact, and people are saying it's the equivalent of two rate cuts and putting that disposable income into the system. Is it saved or is it spent. If it's spent, the inflationary impact on that. So I think it's a gamble on inflation.
I really do. And I think that's what the Eussie dollar is telling us.
Why what's the dollar was telling us?
The dollars you know, it was mildly strong yesterday, it's strengthened a little bit over nigh. We're sitting there around sixty seven. I think what they're telling you is, whilst we are the figures that came out last night with respect to retail sales and CPI and the US people are talking about now ninety six percent chance of a cut in September, what the Aussie dollar is telling us is there's probably very little chance of a cut here in Australia. So that's all on the back of inflation.
Okay, so there's very little chance, according to the markets, of a cut in Australia. Frost part second part is that there is an attempt for There is a big attempt in the budget to support and support all levels of society, which is very useful, particularly at the lower end, of course, but there's also this very broad Commonwealth Rent Assistant Energy Bill support and the government said they're not
inflationary because technically technically they suspend inflationary pressure. But some very top economists, I mean a list of economists are saying, look, this may this does not bring down inflation. It simply holds it for a period, and the minute those supports are over, it goes back up again, or the awkward pressure goes back up again. Warwick mckibbon, for instance, former RBA board manager, what do you think of that argument?
And I also think the fact that it's spread over the full year or four quarters, I agree on that. I think that it's it's more of the fact that it's it's going to halt us rather than say that coming down. And I think that as the same economists are saying, is the RBA will look through this, They will fact that on the back of a headline if this is how it's artificially it has had an effect, which I doubt they will look through this and take this into account.
They have to, yeah, they have to. So basically does some makes sense. It's politically death that you the measure of inflation that we all talk about will be affected by these But in terms of the market pressures, when when when these supports are taken away unless they leave them in forever and then the inflation just basically comes pouring back outs.
Like it's reported in The Australian this afternoon that Chris Bowen on radio interview yesterday said well we're doing this to create a headline in inflation. Well is admitted what they're trying to do and the RBA will take that into account.
Yeah, okay, very good. So folks, we're going to talk about the about what the investor should know about this budget and this new financial leader, which obviously the budget papers personage. Now, the big thing, as Will says, the biggest thing of all by a mile for investors is the tax cuts, and I just everyone should keep it in mind that how it works. Basically, the amount you pay, by the way, no tax upon. Interestingly, you think this
doesn't matter, perhaps as an investor, it really does. They're eighteen thousand, two hundred a year. The first eighteen thousand, two hundred you make per year, there's no tax paid on that, and it hasn't changed, even though the other bands have changed, and there are tax cuts across the bands.
What I'm alluding to here with the course is that people might start taking money out of super for various reasons in the future, and maybe that was one of the reasons the government held it at that, just to finish on the tax folks. So the starter band for tax will be eighteen thousand to forty five thousand, right, the rate will be sixteen percent, down from nineteen percent, and after that thirty two and a half percent rate will drop to thirty for forty five thousand two one
three five thousand. Okay, have you with me so far? The thirty seven percent rate will kick in at one hundred and thirty five thousand, used to be one hundred and twenty, and the forty five percent rate now cuts in at one ninety up from one to eighty to which a lot of peop if we would say big deal. We thought it was going to be better than that.
The implicit promise was that the top end would get these tax cuts as well, but across the government rearrange them a few months ago, and politically that has gone down well, and so I think we'll see more of this sort of engineering in the future. But basically, the new tax cuts are there. Everyone should be aware of them. They should be aware of their new tax ability. If you like with the new bands, familiar rize yourself with those bands. What do you think it means for investors generally?
Will on the tax cuts? Now put out a survey saying that people are more likely to save than spend the tax cuts. I thought that was interesting. That would also mean investing them.
Yeah, well that's the case. You will reduce that inflationary impact, there's no doubt about that. But no individual with taxable income of one hundred and thirty five thousand or lace is going to have a natural text right of more than thirty It seems to be this magical race that the government seems to be aiming everything at. You know, we've talked about the proposed to perinuation changes, et cetera.
So what they're trying to do is look at this thirty percent seems to be this rate that they seem to be aiming at. I think that seems to be the big thing.
The flat rate as such, if they were to bring in a flat rate, and originally the original plan of course was that would be larger the group in that, but they rearrange things. Okay, interesting, so keep that in mind, folks. Now after that, then there is an enormous amount of money going into housing. Most of it is social housing Commonwealth to rent assistance, but it's an enormous figure. And there's also initiatives for the construction industry at various levels.
I mean the specifically, there's ten billion alone going into social housing, and I think I want to just point out from an investor's point of view again, will do you think that if this housing comes to pass, does it take some pressure off the vacancy rateing property which is currently one percent in residential property, which is one of the reasons people saw investors at least be so secure in property because you can rent anything and you can get rent increases each year.
We need to design the houses, we need to get planning for the houses. Then we need to build the houses, and we need the people. I think they've allowed is it seventeen hundred on a migration basis to builders to come in, but we need but they're saying that, then the master build associations not saying that is enough. So we need the people to build the houses and yeah, the lag it's fantastic that they're doing this, but it's not going to happen. We're not going to wake up tomorrow and it's.
Happened, right. So you think the vacancy rates so are going to be where they are super tight for the foresee of the future.
Correact, Yeah, because I said you can design, planning and then build. Yes, so you're probably looking three years to be optimistic.
Mm hmm, okay, very interesting, that is. I think that's very important folks for property investors to keep that in mind. That really for us in property investment, the big dynamics were around rates immigration, which of course kept the market particularly tight, and the forecast is for immigration to fall, and that's an important part part for property investors to
know that. Look, the signals are that what will change will ease vacancy rates going forward, but they will be slow and we will have to see how they pan out, but there are signals at least that they will that the vacancy rate will ease. By that, I mean it will increase from its one percent, but it's not going to go to five or ten. Sorry, we'll be the regular one.
The big issue and the need to reduce the red type so we can get these things built. That's and that that then gets down to state governments and local governments. Yeah, and that hasn't.
Been Yes, okay, just before we talk about some individual measures that every investor should know, I think we might just take a look at on Super. So there was a few things that everyone should know on Super. The first thing is that your compulsory super moves up, of course, to eleven and a half percent in July one, on its way to twelve percent a year later. That's important.
The amount you can contribute into Super is changing. That is the amount you can contribute on a pre tax basis what they call concession and moves from twenty seven thousand now twenty seven five hundred now to thirty thousand and July one. But that only brings us back to where we were a long time ago. Well, isn't that right? You used to be higher than thirty correct.
I think that listeners have heard me so many times. The issue is not a super, it's getting money into Super, and it's very difficult to get in soupent on a non concessional basis of lifting that from one hundred and ten and twenty thousand, so that's the issue. These changes were brought in actually by the coalition government. They made it harder to get into SUPER, and I think that's the biggest issue.
Yes, And these these increases in the amount you can put in, they're not structural. They are index indexing for inflation. They are only matching the inflation changes. So in real terms, the amount you can put in hasn't changed in any significant fashion.
Correct. And also the transfer balance cap balance cap sorry, increases to one point nine million.
Yes, yeah, it increases to one point nine million. That is, that is the amount you can happen Super before you pay the first tax band, which is fifteen percent. It's hard to keep all this in mind, folks, I know, but you need to learn it if you want to play the system in Super. You are not taxed on your earnings in SUPER when you retire up to one
point nine million. And then there is a new plan, believe it or not, to bring in a second band at three million from the first of July twenty twenty five. Very controversial for the simple reason that it's not just another tax, it's taxed in a different way on realized gains it's about to be really kicked around in Parliament. Alegraspender has moved in motion today and I think it will be It will be debated, but I don't know because the Senate signed it off absolutely unchanged. That is
the Senate inquiry. So what do you think the realistic chances are that it will be amended in anty fashion?
Will I said that it wouldn't be changed, then I was hoping it more. Yeah, when I heard about the Senate inquiry, that they would see common sense and then we wouldn't be texting unrealized gains. I think that is just unconscionable. I really do.
And just explain why, because someone who isn't very familiar with tax and investments might say, hey, listen, someone's got three million in super what's their problem and why are they? You know, what's wrong with them? That this new tax? What's wrong with it?
Yeah? I think everyone's been concentrating on property, but I think Robert god Libson's really talked about private equity and I think that's probably a really good example. You've got a liquid growth investment in there, so it's growth without returning income, and the value of that goes from three million two let's say four million, but you're going to get taxed. That's thirty percent on that if you're three
hundred thousand without any cash flow from it. But you have to find that cash flow pay that tax, by the way. But when backwards you don't get a refund, you get it only a credit. And that's it's just when I think everyone needs to pay taxes. I think, and in life everything needs to be fair. But this just is not fair.
So it's not fair because it's on unrealized paper gains. It's on paper gains, right. So to make it simple, if I invested in a company with my super and it was a great little company, and I loved everybody in it, and I thought that we're brilliant. The thing is, and if they went up in value each year, though I couldn't get any money out, I'd be taxed on the amount of value increase that they are managing. Okay, And that's completely that's just out the window in terms
of how the tax system works. So we've never seen that before.
And I think in investment we all would agree that profit is not a profit until it's realized. Yeah, but they're telling you, well, hey, guys. Every year we're going to we want you to revalue your asset, and your unrealized game will be taxed.
I wonder will though that's an interesting angle. The numbers suggest there isn't much investment in private enterprise and startups by so managed super funds. It's all in property. I think it's in property. It's really going to pinch.
Yes, but I think we're robbed. God Libsin's coming on this angle. It's vibate. Equity and startups have a broad effect because they're growth and that's what the economy needs. And if you're starting the economy yes of growth, that has far far reaching consequences.
It chokes off incentives, which is which is the problem that's all across this budget. I think people are saying, there's no incentives. There's an incentive to go on the pension, there's an incentive, there's an incentive you know for this and that, But but they're not incentives as such. They are incentives to to take part in social welfare, which is miles away from what we're talking about.
Investor incentives aspiration that they're absolutely choking at and I think that's the problem.
Okay, Also, look folks to cover off on on Super. The other thing that has come in is, of course parental leave. If you're talking about this for so long that you might think it's already done, it's not. It's finally confirmed. And how it works is that the superannuation will be paid on parental leave, government funded parental leave for twenty six weeks and it begins, it actually doesn't begin to July one, two, two five for all the headlines, but in any event, there it is coming through. That's
another piece of news on Super. Okay, that's a bit to digest. We'll, we'll, we'll, we'll let everybody have a break and we'll be back to you with some very interesting parts of the budget that probably haven't been aired as much and you might find very interesting. Hello, welcome back to the Australians Budget Special. I'm James Kirkby, the Wealth editor at The Australian. I'm talking to Will Hamilton of Hamilton Wealth Partners and we are doing our budget
special which we do each year. Okay, Will, here's some random, random thoughts and observations on the budget that are really unusual. I just wanted to talk to about first of all, talking about social welfare or helping people. The three hundred dollar energy rebate, of course, that goes to every house in the country. That would include every single person on the rich list, that would include all the billionaires, Anthony Pratt,
Gina Reinhardt. They'll all get their three hundred dollars rebate, which would seem daft, but obviously giving them the benefit of the doubt, it's just they sound. It sounds like it would be very difficult to administer it in a in a more precise fashion. But the other caught my eye was the tax credits for the miners, seven billion dollars into tax credits for critical minerals lithium and nickel
in particular, and the shares immediately moved on this. So we have we have the government through the prism of made in Australia and protecting things and all that sort of thing. But they're picking winners. Is that from an investor point of view? What do you think of a government picking winners and apportioning billions of dollars into areas like the quantum computing as well, which of course is a spectacular example of it.
I don't think governments have a good track record in picking winners, and I think pumping money into things where I think private enterprise otherwise I think has played a far better role and a far more efficient role, and they've taken the risk on I think that there's over the over history, there's plenty of reasons we can sort of bring up things where they've made a mistake. Now I don't agree with that at all.
Sorry, you don't agree with with the provision of picking a sector and giving it special treatment, No.
I don't. But on the other hand, I do see what I know why they've picked critical, critical minerals in particular. There is a defense reason around a lot of this, and especially with Orcus and with the agreements we've got with you Outed States. There are some agreements there that that's the reasons why, uh, certain minerals have you got benefits there.
But I mean the US themselves are doing it, aren't They will to be fair then that's the ultimate free market. But they're actually doing it too. So there is an element of national security here on this way. But at the end of the day, you're giving special treatment to stock market, this to the companies, and hey, uh, is it any surprise that there was immediate action on the market this week, folks. On those stocks that we're getting
government help, I'll name them. So of course it's at the margins because they're so big, like BHP or West Farmers, Pilbur Minerals will get money. But as you get smaller, linetown Resources, et cetera, as the companies get smaller, they are more directly pumped, if you like, by by this, by this move by the government. Okay, Now I wanted to talk quickly about a couple of things that didn't happen. Often in a budget there is news in what didn't happen.
And if you remember, at the start of the show, we was talking about inflation and we were mentioning how the inflation indexing has changed some things already in the budget. For instance, you'll be able to put in thirty thousand pre tax into your super because of inflation, because it's been adjusted up from twenty seven and a half. Now here's the thing the government, it's entirely random how they index.
They can index whatever they want. There's no rules, and the index one thing and they don't index the other. So for instance, there's two interesting things for older Australians. Deeming is the mechanics by which you can access the pension or how much you get in the pension. A part pension is deeming, and what deeming is is how the government makes a deemed assessment of how much you've made on your investments. They apply that and it is then will dictate your access to to to the pension.
It might reduice it would it would reduce it. For instance, the top rates two and a half to the quarter percent to a quarter, yeah, to in a quarter. The bank built cash rate in the r b A is four point three five. This this rate was screaming to to be raised. I talked to the Association of Independent Retirees Wayne strad Quist on Monday. He said, we have us, we have we assume it's going up, and it didn't move.
It didn't move. So what does that mean for investors? Well, could you explain why what why it's a curiosity, but also why it's useful in some ways.
Well, so it's the government's assumed return on your on your investments and you've just talked about Yeah, the resksk fray right, So people only need to take into account two point twenty five is the deeming as opposed to what they're actually returning, so it's got a positive effect for so I've heard five hundred thousand pensioners.
Yeah, so basically you're going to be off on this. It'll be better off because it was in the natural order of things, it should have gone up and it should be considerably higher than that. But they've left it alone for one more year. So keep that in minded for older Australians. And similarly, similarly, in a very similar sort of non event that turns out to be news because it didn't happen. The government's reverse mortgage scheme, the
wome Ekery Access scheme. The lending rate on that is three point ninety five percent and in the commercial market all the rates are about eight or nine and they didn't move that either. Do you think they just forgot to move it?
Will Well, I just need to remind people that we're going to add with the next twelve months as there's going to be an election. And I said the two hundred thousand people have been positively acted from the daming rate, let alone those that you just mentioned as well.
Yeah, so look, what can I say, folks, It's there to be used. As I say, it's always worth reading budget and budget coverage because opportunities arise right left and center. If I knew across them that there are some of the some of the some of the bigger issues in the budget in terms of how the government played this. But what would you like to have seen? Will? That wasn't there?
I suppose the biggest thing is I for me was this. I think the biggest issue out there at a federal level is this unrealized capital gains. And I was and there were just wasn't a mention of that three million level. So I think when it comes to super was it's about what wasn't discussed And as you rightly said, amendments and then you put forward in the last twenty four hours by the tials.
By the tials, Yeah, they're hoping to get amendments. So specifically folks for trying to get in terms of amendments, And as Will says, it's it's important. It's not so much that it's a particular tax on super at a particular level. It's the nature of the tax that if you start taxing paper gains, where does it stop. How would we invest or make any plans long term? This is the argument against it. So the two two key amendments, as I understand alec Rispender has pushed for em Parliament today,
is that it is not only on realized gains. And the second one is that it's indexed. Because funnily enough, as I said, as I said in a minute ago, the index whatever they like and it don't index other things, and that they plan not to index this new tax. What have you heard of any alternative mechanism that you could introduce this new supertax that doesn't involve on realized gains?
Will Now, I think that there was well flagged what was coming in. And it's amazing how when it was brought in the number of our clients that have said, okay, we'll accept it. It's only fair, you know, we've had it so good for so long. But when the fine print was seen it should be a thirty percent above that level on realized gains like it is on everything else within in companies, on your own personal taxation, et cetera. As anyway, and then to index it. You're right because
you know, what's three million? I think Alan chris Bender said, what's three million going to be worth in twenty sixty four? I think they were the very words.
Year yes, right, or even five years time. Yeah, sure of course. And the other I suppose absurdity here is that the lower band super tax being fifteen percent. Ah, it's not indexed. Is indexed, I'm sorry, it is index So it's just going to swell year and get bigger and bigger. So already got from one point six.
Yeah, I've had a view on this that what's happening is they're going to let that just get to the three million level and then you're going to have zero and thirty.
Percent, right, yes, I see, and then you'll.
Then start seeing a being indexed after that. I think that's probably what the long term game game is.
Okay, all right, yeah, yeah, it's a real curiosity. We'll see, as I understand from a parliamentary voting point of view, that's going to be very hard to stop this, and the Senate committee that examined it signed it off unchallenged without any amendments. There is some the teals David Pocock is it's apparently he's important. It's not clear of where he's coming from. It's clear where a legal spender at least is coming from, and perhaps some other teals so
that will play out in the days ahead. Okay, very interesting. Uh anything you think that we didn't cover their will for investors in the budget. I know it was a very technical session, folks, but that's the nature of it.
Yeah, for small businesses, they get the they're extending the twenty thousand dollars instant right off for small business. Again, I think that's important. I didn't expect that, and I thought, you know, I'm pleased to see that they're doing that, of course, you know, and so it's up. It's for businesses that have a turnover of less than ten million dollars. And the other thing, which actually I think is fair,
which was pre announced, and that text relief. So yes, the lower of CPI or what the average average wage increases, and I do think that is actually a fair thing to do. But again the government's calling this cost of reliving relief. Doesn't change what you actually pay you back, So it's not cost a living, it's not cost of living relief. It's just that's a matter of fairness.
I don't think the reason I didn't actually even mention the heck's there in that list was it's not any restructuring of hects in any substantial degree. I know we've got a lot of headlines because it was leaked in advance, but really this is only the smallest variation in how you apply indexation. I hope nobody's under the illusion that they've made major changes to HEX, because I don't think
they have. And actually the Minister justin Claire, he said when they announced it's that Sunday afternoon that he said there would be more about HEX coming down the line. But I don't see another thing actually, So it's a folks. All you can say is that you know there'll be a slightly fair there'll be a fairer method of indexing HEX for inflation, which should have been there all the time, but I would be careful not to say that it's been greatly improved in any fashion. Okay, all right, we'll
take a short break. We've got some questions which you do want to deal with. Though it's a special show. People love the questions, so we'll be back to you in a moment. Hello, welcome back to the Australians Money
Puzzle podcast. I'm James Kirby, the will editor at The Australian, and we have been talking about the budget and if you are now utterly sort of weighed down and swamped with budget detail, we'll give you some light relief with our weekly segment where we deal with the listeners questions. And there's some great questions, so I just want to put them to Will. Ben says in a recent podcast, your guest was looking for government support for people who
retired at sixty in the budget. Get me the world's smallest violin, He says, I think the last thing we should be doing is incentivizing people to retire at sixty. Well, Ben and all the Bens out there, I did make the point that the incentives and the budget tend to be, you know, to take up more social welfare, and the incentives to invest are missing, and in fact, as Will says, there's active disincentive built into the plans for the new
super tax. So thank you for that, Ben. I thing to add to that one, Will, it's.
A brave government that goes out there to increase the retirement age, especially in France.
Yeah, yeah, absolutely, yes, indeed. Okay, Steve asks, do you want toy? Can you see those questions?
Will would? Yeah? Yeah, So Steve, perhaps the most crucial component of anyone's investment strategy is the performance of our super fund. Because these funds are so big and so diverse. Is it a situation similar to a broad market ETF or managed fund where in a normal year, the best result one could hope for would be a return somewhere around the return of the market, or would it be a fair fair target to aspire to In reviewing one's super performance, it's not about just the market, you know,
the super funds. These super funds invest in inequities, develop market equities, emerging market equities, private equity, diversified credit, direct property bonds, cash, defensive alternatives. So it's about a blended benchmark, so that each one of these asset classes has a benchmark or several benchmarket benchmarks within those components, and so it's about the blended benchmark all the basket of investments that it has.
Well, I suppose also keep an eye on what you know, super big super is achieving. They're doing about eight percent a year in recent times. The big funds the best funds, and in a way you want to you you would like to see that you match that, and you might allow for some fee difference if you were exclusively in ETFs by that I mean, the ETFs pay charge you lespies, but that's in terms of a target to aspire to
in reviewing your performance. That's the thanks Steve. And also you can also go on my super of course, so you can go on the ATO website and see how the super funds perform against each other. And though that is an exercise which is imperfect, it is marvelous that it actually exists. And for many years there was nothing at all to be in a way to compare one super fund to another. So that's very useful, I hope.
And remember, folks, this is always information. It's not advice, but I think it's safe to say to someone like Steve that you should have been able to measure a super performance or targets quite easily. Now with that, with the ability to look at the heat maps, et cetera on super and you get the public figures from the big funds, and you get ETF returns quite easily as well.
All right, final question from Martin. If you had two options to give five thousand dollars to an eighteen year old living at home and studying, what would be your choice. Pay it into HEX or pay it into SUPER or that's such a great question, especially that we are all alert to HEX all of a sudden, because well, the average HEX bill is twenty six thousand dollars. The average HEX bill is twenty six thousand dollars, and lots and lots of our listeners would have HEX bills of fifty
seventy one hundred thousand dollars. I ask people all the time when I meet them monster hexill, especially younger people, and it's it's really quite serious what their bills are are becoming. So will million dollar question, what does a person in Martin's position do?
Normally, I would be saying supers could always put it into super IF for the long term. But I think one of the things that has changed with HEX in the last five years or so is this restricts in individuals your balance, restricts in individual's ability to borrow.
Oh yeah, in the bank, at the bank from a mortgage, Yes, of course, correct.
So I I think that's in fairness to the fact that this individual is eighteen and the in ten years time will definitely want to have purchased a property and this is going to have a negative effect on their borrowing ability. I think that's something you need to take into a camp as well.
Sounds like you go awfully close to saying HEX over super you are. Yeah, yeah, very interesting, and it's a killer point, I think folks that will have just made that. People say, oh, it doesn't matter, you know, it's on hex. It's okay. There's no interest on that. Yeah, yeah, sure, but there's an inflation indexing on it. And they say, yeah, yeah, but it's okay. You know, it doesn't really get in the way of other things. It does is a success when you go to the bank. Let me tell you
something interesting. Well, on the show, I said once or twice Appra demanded the banks include the assessment of HEX your HEX bill in their assessment of your ability to take a home loan. And APRA came on to me and said, you have to correct that. It's not true. We expect, we expect the banks, we don't demand the banks. And I will leave with that our listeners to make this semantic difference there, because it's very important to OPRA,
all right, So you know what I'm saying. In any event, folks, HEX has become terribly important, So keep an eye on it if you can pay it back due. And it's interesting. I thought Will's answer very very interesting. Shows that X has become the bills have become bigger and their impact has become wider because they affect your ability to get a mortgage. If you learned one thing from the show today that would be well worth taking home with you. Thanks very much, Will. Terrific to have you as always
on the Budget show. I don't know how many times have we done it, three or four or five. Well, thank you very much and I hope you have me. You'll be with me the next time and terrific as always. That was Will Hamilton of Hamilton Wealth Partners. Okay, folks, believe it or not, I have a shortage of questions. I had too many for too long, and now I
have the capacity to answer more. Send them in. Surely there's questions on what we just covered the architecture of the tax system as we know it from the Budget. Here's the email the Money Puzzle at the Australian dot com dot au. Talk to you soon.