Now that the election is over, what happens to your money?

After a month of fierce election debate, it’s time to look at larger financial factors that are likely to affect how much money you earn, spend and invest in the months ahead.

Did your team win the election yesterday? Does anybody really win? Do many people really care?

Australians’ apathy toward politics is rivalled only by many people’s apathy toward managing and saving money.

A majority of us are more interested about who wins the footy this weekend than whether Bill or ScoMo win the election.

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Unless there’s a personal financial stake — such as being smashed by tax changes or smiling at cash handouts — the election comes and goes and we get on with life.

We are fortunate to have the freedom to just get on with life. Millions of people don’t.

Whatever happens in politics in the weeks ahead, larger financial issues are likely to shape what happens to most people’s money.

INTEREST RATES

Changes to interest rates can have a huge effect on household cash as it changes repayments on the biggest debt — a mortgage. If you’re retired and relying on bank deposits, it changes your income.

After a few years of Reserve Bank stability interest rates look set to move again, with many economists forecasting a couple of cuts this year. It’s good news for borrowers, bad news for savers, and worth keeping an eye on.

Will you be receiving or losing money after the federal election?

TAX CUTS

While taxes for investors caused a storm during the election campaign, one thing that was largely missed was that about 10 million Australians are getting a handy tax cut from July. It’s worth up to $1100 or $1200 a year and will arrive in a form of a rebate at tax time.

This method of handing out tax cuts is welcome, as it comes as a useful lump sum via a tax refund rather than $10 or $20 every week that gets frittered away. It will also prompt more people to do their tax.

HOUSE PRICES

Home prices have fallen in almost every capital city — including Adelaide — in the past three months as the national housing downturn intensifies with 10 per cent-plus annual falls in Sydney and Melbourne.

There’s talk that prices may fall further, and there’s nothing like watching the value of your biggest asset sink to really ruin your day and potentially stop you from spending money.

However, house prices should be viewed over the long term of at least 10 years. On that measure, owning real estate is still worthwhile.

SHARE MARKET

If you don’t own shares directly you probably ignore them. However, people’s second-biggest asset is usually superannuation, and a big chunk of super sits in shares.

Just like housing, short-term sharemarket dips should be ignored, and seen as a buying opportunity for your regular super contributions to grab good investments at bargain prices.

US-CHINA TRADE WAR

From local to global, the angst between President Trump and China over trade has the potential to derail global growth as the two economic giants slap restrictions on what they buy and sell.

If their war gets worse, there will be winners and losers, but it’s something that none of us in Australia can control.

We just have to get on with life.

@keanemoney