Tag Archives: cash grab

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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