Australian Government Steals $331 Million From Savings, Retirement Accounts

28 Sep

Another one for any mockers who wrongly assumed that this blog would be partisan once the Coalition returned to power.

From the Australian:

A CASH grab from ordinary Australians’ bank and superannuation accounts has netted the government $331 million as Treasurer Joe Hockey warned of a worsening budget position.

Labor had forecast a $30.1 billion deficit this financial year but as he confirmed a deterioration, Mr Hockey also said the Coalition would raise the $300 billion debt ceiling before Christmas.

Labor believed it would rake $109 million from idle bank accounts after it decided in February to take into government revenue accounts which had been untouched for three years.

Instead, the raid on idle accounts, which previously happened after seven years, reaped $176 million and another $155 million was taken from unclaimed superannuation accounts under a new threshold.

How many times have I warned that the politicians will steal your savings … especially your retirement savings?

It does not matter which “side” is in government. Both will use any excuse to screw the rest of us.

If you’ve not learned that yet … how old are you, really?

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5 Responses to “Australian Government Steals $331 Million From Savings, Retirement Accounts”

  1. Shawnster September 29, 2013 at 8:48 am #

    We got a letter from Commbank that my wife’s nephew who stayed with us and returned home, had 3mons to show his account was active (he hadn’t touched it in over 3yrs). We contacted him and managed to get him to transfer $5 to us and we sent it back. problem solved (for now.) But we have a new government who shows no signs of ending the largesse that caused the problem and will probably manage to go right on spending through the new debt limit.
    I think one solution is not to leave your money sitting in an account, it’s too tempting a target for these low-lifes. You need to get creative. keep a little cash at home say $5k for emergencies, you won’t get any interest on it after inflation and taxes, buy some precious metals, bullion of your interest, say 25% of your savings and keep just enough in the banks for living expenses and what you consider you are prepared to lose in a potential bail-in. It’s your money and you really need to show an interest in it because there is a group of people that would just love to take it from you to spend on their re-election enrichment schemes

  2. mick September 29, 2013 at 9:00 am #

    The laws of physics: for every action there is an opposite and equal reaction.

    If people do not care about watching their money then tough luck. The old saying “a fool and his money are quickly parted” comes to mind. How hard would it be to have $1 pa transferred to another account so that the account could not be deemed as being “idle”. And as for superannuation the many thousands of people who have “lost” accounts should lose it all if they do not give a tinkers. Its their money. So its their responsibility to keep an eye on it. All it takes is a 2 minute search on the ASIC website and you’d know if you had any which you had lost track of.

    Another mountain out of a mole hill.

    • The Blissful Ignoramus September 29, 2013 at 9:43 am #

      Mick, do you think everyone has internet access?

      Hundreds of thousands (millions) of people — especially older people — have no idea that the government could simply steal their money sitting in little used savings accounts. Superannuation accounts even more so — I know of lots of people, especially the self-employed, who have found legal ways to avoid putting extra money into super (which is another finance industry scam, btw, giving them a steady stream of billions of dollars to take a little slice of in “fees”). For these people, their super account would be considered “dormant” because they’ve not contributed any new cash to it.

    • Ross Johnson September 29, 2013 at 11:11 am #

      I’m beginning to think that Mick is a troll. No one has the right to steal your money just because it has not been touched for 3 yrs.

      • The Blissful Ignoramus September 29, 2013 at 11:17 am #

        Indeed. Barely a day goes by when I do not teeter on the edge of making that “banned” decision, in the affirmative.

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