The Federal Budget affects all Australians, but for businesses impacted by regulatory changes, the effects can be outsized. Past budgets have affected everything from Telstra to AMP (superannuation changes), and healthcare providers. This year’s budget is no exception, with wide-ranging changes affecting superannuation & retirement (again), television and radio, and small business. The change was not universal, however, and for some sectors, it was the lack of change that was the big news. “One of the great joys of this year’s budget was not waking up on Wednesday morning knowing something was going to be down off the back of government tinkering. When it comes to regulatory change, as investors, we are certainly of the view; less is more,” said Chris Prunty from Ausbil. See the full article below for views from Montgomery Investment Management, Ausbil Investment Management, and Tribeca Investment Partners.