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.
how the hell do they do that>?
Hey 200 million of it is mine!
Just wait this is coming to America, it was written into the ACA (health care law).
Health care law?
just another way to fuel the NWO
The United States does it too
Dreamers prompted by Satanic Deception James 5:1-7
New King James Version (NKJV)
Rich Oppressors Will Be Judged
5 Come now, you rich, weep and howl for your miseries that are coming upon you! 2 Your riches are corrupted, and your garments are moth-eaten. 3 Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days. 4 Indeed the wages of the laborers who mowed your fields, which you kept back by fraud, cry out; and the cries of the reapers have reached the ears of the Lord of Sabaoth.[a] 5 You have lived on the earth in pleasure and luxury; you have fattened your hearts as[b] in a day of slaughter. 6 You have condemned, you have murdered the just; he does not resist you.
Be Patient and Persevering
7 Therefore be patient, brethren, until the coming of the Lord. See how the farmer waits for the precious fruit of the earth, waiting patiently for it until it receives the early and latter rain.
Grease was first, USA is next.
Hey Mae Dowling, Have you herd anything like this?
Anyone who thinks the money in the bank is safe is crazy cold hard cash is the only way folks