Budgets, big and small

DETAILS of Treasurer Scott Morrison’s Federal Budget have been closely guarded this year, leaving many Australians unsure of what financial pressure or relief they should expect.

While there’s been much chatter in recent years over governments being able to deliver the budget back to surplus, this could be years away as Australia remains swimming in debt.

But while parliamentarians manage our nation’s ingoings and outgoings, we must take charge of our personal budgets.

All budgets should be carefully managed, with costs cut where possible. But what does this mean for the average Australian, which the 2016 Census told us is aged 38, with kids.

Mother-of-two Natasha Shourbaji fits the typical Aussie mould. At 38 she runs a busy household with sons, Lewis, 5, and Sebastian, 7.

To keep her finances in a good place she stays organised – experts say it’s critical everyone takes time to regularly review their spending and saving habits.

Here’s how our federal budget and your own household finances can be successfully managed in 2017 and beyond.

Picture: JONO SEARLE TYPICAL AUSSIE: Mum Natasha Shourbaji, with children Lewis and Sebastian, is a typical Australian, according to last year’s Census.