The key points are:
The oil supply shock remains a significant threat to economic growth and shares – particularly with the Strait of Hormuz remaining closed and oil reserves running down.
It’s contributing to rising bond yields and putting pressure on share market valuations.
The tax changes in the Budget will make shares and super relatively more attractive investments and favour high yielding over growth investments (ie, less risk taking).
The Budget contains good moves to deregulate, but little real tax reform with public spending remaining too high.