Start FY26 Strong: Our Top Five Financial Planning Considerations For Australians

By Luke Volker, Senior Financial Advisor, Scone

As we begin the 2025-26 financial year, it’s an ideal time to pause, reset, and ensure your financial plan is aligned with your goals and the current economic climate. Whether you’re building wealth, preparing for retirement, or simply aiming to feel more in control of your finances, now is the time to take stock. Here are five core areas to focus on for effective financial strategies for FY26.

1. Review Your Budget and Cash Flow

A clear, realistic budget is the bedrock of good financial management. Use this time to review your income and expenses from the past year. Are your spending habits still aligned with your values and goals? Have new costs emerged — such as education, childcare, or rising living expenses?

Now is also a good time to reset savings targets, ensure you’re not overcommitted on fixed costs, and determine if you can divert surplus income into wealth-building strategies. Mastering your cash flow is essential for all your financial planning.

2. Reassess Your Financial Goals

Life changes quickly – and your financial goals should evolve too. Whether it’s buying a home, funding your children’s education, growing your investment portfolio, or preparing for early retirement, these milestones deserve fresh attention.

The start of the financial year is the perfect time to refocus: are your short- and long-term goals still relevant? Are your current financial habits bringing you closer to them? If not, this is the time to pivot your financial strategies.

3. Maximise Tax Opportunities

A new financial year means a fresh opportunity to structure your income and deductions tax-effectively. This is a key part of smart financial advice. This could include:

• Pre-tax super contributions (e.g., salary sacrificing)
• Spouse contributions or co-contributions
• Offsetting investment property expenses
• Structuring family trust distributions
• Considering capital gains tax implications of asset sales

Being proactive now – not in May or June 2026 – means more time to benefit from these strategies throughout the year.

4. Evaluate Your Superannuation, Insurance and Investments

Most Australians only look at their superannuation balance once a year, but regular review is key. Make sure your super fund’s performance, fees, and investment mix still suit your stage of life and retirement plans.

The same goes for personal insurance. Have your circumstances changed – marriage, kids, mortgage, or income growth? Now is the time to review cover levels across income protection, life, TPD, and trauma policies. Don’t forget to assess how your other investments (shares, property, managed funds) are performing – and whether they still align with your risk profile. This comprehensive review is vital for sound financial planning

5. Develop a Debt Management Strategy

With rates having peaked and some early signs of easing in the second half of 2025, now is a good time to review your loan structures. If you carry mortgage or personal debt, ask:

• Are my interest rates still competitive?
• Am I using offset or redraw features effectively?
• Could I be consolidating high-interest debt?
• Do I have a plan to clear short-term debt while continuing to build long-term wealth?

The financial year reset is a great opportunity to renegotiate or refinance while lenders are competing for business. This proactive approach is part of effective financial advice.

Our In-House View: Luke Volker’s Take

What we’re seeing at the start of FY26 is a real hunger from clients to simplify, stabilise, and grow. Cash flow awareness is coming back into focus as the cost of living bites, but there’s also a strong appetite to invest – especially through super or diversified portfolios. These five areas are where we’re spending the most time with clients: tightening the foundations while also positioning for long-term wealth creation. The best results come when people start early, not reactively during tax time.

Final Thought

Starting FY26 with clarity and intention can make a meaningful difference over the next 12 months. Whether you’re aiming to build, protect, or pass on wealth, now is the time to check in, realign, and take control.

If you’d like support to map out your FY26 financial strategy, we’re here to help. Contact Brooks and Partners for expert financial advice.