The federal government of Australia has snatched $360 million from 80,000 bank accounts that had been idle for 3 years or more.
“We have grandparents who put money aside for their grandkids’ future and farmers who have set aside money for a rainy day, but it was transferred to the government,” stated Australian Bankers’ Association chief executive Steven Munchenberg.
Hey Australia, the US federal government doesn’t need any competition in thievery, ok!?
THE federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.
The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million.
Leaving your money untouched for just three years could see it snatched back by the government. Source: News Limited
While the purpose of the laws is actually to reunite people with lost accounts before funds are eroded by fees and other charges, the lower threshold has been criticised as a budget cash-grab which affected accounts that were neither lost or forgotten.
Connie Franze, 68, and her son Vince, 45, told Fairfax Media they were trying to reclaim life savings of more than $12,000 that was taken by the government last June.
Ninety per cent of the accounts seized by the government had balances of less than $5000, although some were worth millions.
Wow, the world is going Commie,not only in America, but in Australia too. Does any one remember WW II or any other war fought so people could have a voice and NOT live in fear—HELLO?!!! Wake-UP U.S., Australia, & rest of the World…One World Order is NOT freedom, but slavery, poverty, And misery. The U.N. is too powerful and governments are giving up their sovereignty all for the sake of their citizens or so they claim. I for one as a U.S. Citizen don’t buy it nor am I stupid enough to. Here our government has turned against it’s own veterans for excersiseing their free speech. It is also had major overreaches of power by our President, yet no one listens to the people much. So if tose of you hear or see a civil war in the U.S., that will probaly be a bog reason for it, if NOT the reason.
More government BS!!! Seems they all are crooks!!!
collabration by heads of state
Three years is NOT an idle bank account. Some people have sacrificed for 45+ years to put away for their retirement. How DARE their government!
Sad