Government grab for inactive bank accounts

The Government can now take accounts which have been inactive for three years

Government grab for inactive bank accounts

As of May this year any bank account which has not seen activity for three years can be transferred into the Government’s hands. Previously the account had to have been inactive for seven years, but the Federal Government rushed the legislation amendment through late last year in a bid to raise $109 million this financial year (it is unclear how they have arrived at this figure).

All authorised deposit taking institutions will have to submit a report on unclaimed money to the Australian Securities and Investments Commission (ASIC) for accounts which have been inactive for seven years by 31 March, and for three years by 31 May. These accounts will then be transferred to the Commonwealth via ASIC.

Accounts which are most likely to be affected are those which contain the bond for a rental property with a lease of longer than three years, savings accounts into which you are no longer making deposits, unclaimed superannuation, life insurance and trust funds. Hundreds of thousands of Australians own accounts which could be transferred to the Government under the amended legislation.

Banks are urging customers to make transactions on these accounts – adding or subtracting just $1 is enough to protect the account from ASIC. Interest payments, fees and charges are not considered transactions and will not prevent the balance of your account from being claimed.

The Government will continue to pay interest on all accounts claimed, so that their value remains the same. If your account is claimed and you discover it at a later date, you can reclaim the money if you can prove it is yours by filling out a form and writing to ASIC.

Find out more at ABC News or read the article in the Financial Review.

Opinion – The dummies guide to losing an election

I’m no politician, but even I know that taking people’s money is a stupid way to win an election. The Government did not consult the Australian Bankers Association (ABA) about the new three-year time limit – the figure appears to be an arbitrary one. Even as a Labor supporter, I am struggling to see this as anything but a desperate grab for money by a government which can’t live up to its (retracted) budget surplus promises.

If this was just about money which had been lost, such as superannuation accounts where the owner cannot be contacted, then I could understand (even condone) the action. But many of the accounts which are likely to be transferred belong to people who just haven’t realised their savings are about to be taken. The bank knows who that money belongs to and the Government knows who that money belongs to, so as far as I’m concerned it’s stealing.

Imagine you have been saving for a big purchase, perhaps a holiday. While you were working you were adding money to the account, but since you cut back you have simply been letting the interest accrue. Three years later you are ready to book your tickets, but when you go to pay for them you discover that your account has been transferrerd to the Commonwealth. You then have to spend months trying to reclaim your own money before you can even think about planning your trip.

Three years is, in my opinion, not long enough to call an account ‘unclaimed’ and I urge all of you to ensure you make at least one transaction on each of your accounts before March 31.

What do you think? Is this a practical way to use money which is just lying around, or has the Government crossed the line in its attempt to raise revenue? 





    COMMENTS

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    gerberry1
    27th Feb 2013
    11:54am
    This Government is getting to 'panic' stages. It is not Governing it is trying to keep it's head above water regarding it's fiscal management of our Country. Swiping this money is to only make their bottom line look better and make Wayne Swan look better as well. Here again another stuff up and is likened to robbery, no matter whether they had anything passed in Parliament, it still amounts to robbery as they are not finding out why the account is inactive ie death, not because the person is as you say saving but because of the monetary turn down this Government has caused, one cannot put any more into that account. The fact that interest is being paid into the account may make some people think that this is enough to say the account is 'active' which technically it is because interest is being paid into the account.
    The latest is Ms. Gillard is coming out to Rooty Hill NSW to stay a week in a 'hotel or motel'. It will not be the run of the mill accomodation. It will be 1st rate and by doing this she is trying to bond with the 'westies'.
    Who does she think she is kidding. What a political stuff up. Swanning around Rooty Hill, Penrith, and other seats that they hold with a very small margin and which they are likely to lose is not going to endear her to the public. Been too many stuff ups that will not go away and will be bought up by the Opposition just before the election as a reminder to the Electorate of why not to give them another go governing this country. Changing hairstyles and putting spectacles on doesn't change anything, just makes her look like a old style schoolteacher. Well it goes with everything else ie how she speaks, she doesn't speak naturally, it is too stilted.
    8 months to the Election, Ms. Gillard should get back to Canberra and pretend to govern our country.
    BG
    unicorn
    27th Feb 2013
    11:56am
    You may not br so dumb at this comment for losing an election perhaps the liberal govt or opposition as it is known probably thought the same thing and why it was allowed to pass through
    parliament after all I did not hear any great objections from Tony Abbot as is his usual.
    Smee
    27th Feb 2013
    1:46pm
    Actually Unicorn none of the Liberals voted for this legislation. They even tried on two occasions to have it amended. The 6 'yeah' vote that got this legislation through were:
    Robert Oakeshott. Tony Windsor. Adam Bandt. Peter Slipper. Craig Thomson. Bob Katter.
    Always remember that Gillard's bunch can't survive without the Greens and the independant members.
    Read more about this Labor farce at:
    http://www.michaelsmithnews.com/2013/02/federal-government-to-raid-your-bank-account-after-36-months-of-no-transactions.html
    As for the $109million, well, they have got to get back some of the revenue that they have squandered in trying to buy votes, paying for a failed refugee policy, recouping losses from a miscalculated mining tax and the list goes on. Where did they get the figure of $109 million? Pick a number, any number. Ask Swanny. He's a whip with figures. From a surplus to a massive unprecendented defecit in 7 years.
    I'm in the same boat as Lampster, so every so often a couple of $$ gets deposited.
    Jen
    27th Feb 2013
    12:32pm
    This seems sensible to me. It was going to be "grabbed" as you put it, in a few years anyway, except that in 7 years, the Banks will have stolen most of it in fees and charges for doing nothing. Most people whose accounts fit this scenario have long since forgotten the money even existed, or it was too small to care about. They will receive notification of what's about to happen and this will enable them to deal with it by adding more or withdrawing it. A storm in a teacup.
    Anonymous
    27th Feb 2013
    1:46pm
    Jen
    I missed this before I wrote my own tirade. You got it in one.

    Our corporate media supports BANK GREED and being Murdoch dominated (a yank now, who prints nothing but negatives against any party that is not the one of his choice - Liberal Party) he will print nothing but negatives about the Labor Party, especially if what they are doing removes money from the pockets of his friends in the banking industry.
    Jen
    27th Feb 2013
    2:01pm
    No worries, Mussitate. I see at least one paper says this legislation was "rushed through." How long does it take to put through minor legislation? How fast is "rushed" and how slow is "slow"? A post for our current "Biased Media" topic.
    Aloysius
    27th Feb 2013
    3:12pm
    The Government says that you can have your money back - if you remember.
    The Lampster
    27th Feb 2013
    12:50pm
    Okay I will mention our situation. I put away some money into a bank account for a future holiday, this was done in 2010, holiday is in 2015. The money wasn't put into a fixed term deposit just in case we needed it for some emergency. Earning interest is not deemed as an activity or the charges. Suddenly I need the money for an emergency and hey presto its been moved to ASIC, so to prevent this I must deposit at least $1 as an activity.
    Government's interfere in our affairs too much already, why don't they just stick to trying to run the country. Unfortunately I am cynical with governments. There has to be something in it for them, and there is, a quick way to fill the coffers with again someone else's money. To quote Maggie Thatcher "the problem with socialism is that you eventually run out of other people's money" Don't we know that!!!!!!!
    Bes
    27th Feb 2013
    1:11pm
    Well stated,a good example 'The Lampster'. So if I am going to work offshore for a few years does this mean that I use offshore banking in a country where I can bank my money safely? If the bank was to claim the money after 3 years of inactivity it would surely be robbery. The only person who can close a bank account is the person who's name it is in. Or that it can be proved beyond reasonable doubt and upon presentation of a death certificate that the account will never be active again. This must then be posted publicly so that any relative or person can make legal claim. Whether it is a bank account or Superannuation surely some effort to contact the person should be made and not taken for granted that it is not wanted?
    Mary
    27th Feb 2013
    12:53pm
    Just think - would you rather the banks with their million dollar profit make more money on the short term money market or is it better to be used for the good of the country - there should definitely be a system where the owner of the account gets notified prior to the transfer - but they can still get it back eventually - (no I don't vote labor) - maybe better if it was a 5 year term - it already happens to temporary visa superannuation holders btw
    Anonymous
    27th Feb 2013
    1:51pm
    Don't care who you vote for Mary, you are a thinker.

    Since when did banks care a hoot about the average Australian with only small bank accounts.

    In some instances, as people above have taken great measures to point out, it may be inconvenient in some small instances BUT it is still better than having nothing in these SMALL accounts, when you finally wish to withdraw it.
    Aloysius
    27th Feb 2013
    1:01pm
    Governments should leave individuals alone as long as they are law-abiding people. Plenty of people put money away for diverse reasons such as kids university (15 years away), emergency fund, holidays when long service elegibilty is achieved (10 years), etc. It is a nasty money-grab. This will encourage people to hide money under the mattress with all the inherent risks involved in such an activity.
    Jen
    27th Feb 2013
    1:13pm
    So Aloysius, you'd prefer the banks stole it in the guise of fees and charges?
    Aloysius
    27th Feb 2013
    3:02pm
    I am no fan of bank greed but that is not the issue. A bank is no longer a "safe" place to put your money as the Government will try to take it from you if you fail to be vigilant. This is akin to a communist government nationalising everything for its own benefit.
    Jen
    27th Feb 2013
    3:22pm
    But it's ok for the Banks to take it from you?

    I'd be interested in what people would like done with the money that's (mostly) abandoned in these accounts. Leave it there until the bank eats it all up, perhaps?

    BTW Aloysius, this is not new, the Government has been taking this money for years, the only change is, it's happening sooner. Too soon perhaps? Maybe.
    Anonymous
    27th Feb 2013
    3:31pm
    Aloysius
    No it is not communism, Governments are the only safe place from the GREED of Corporate Capitalism - a system by which corporations become so powerful and with their control of media force government to do whatever they want.

    The USA has fallen to Corporate Capitalism ..... brought it to its knees by it.

    I think the current government are very brave and have fought continuously for us, the average Australian, against the might of our corporate media and other powerful corporations (banks, super funds, and mining to name just a few).
    Aloysius
    27th Feb 2013
    3:48pm
    You seem to be missing the point that it is my choice whether to use a bank or not. The Government is removing my right to choose unless I fall in within its unnecessary, overbearing regulation. Three years is "new".
    Anonymous
    27th Feb 2013
    10:32pm
    All rights have to be measured by the overall public good and in this case, three years of inactivity is sufficient to save most peoples savings from being whittled away by greedy bankers.

    The exceptions, such as yourself, still have the option of putting in a dollar and then taking it back out. Your rights are in tact and other peoples funds are saved from the bankers. ALL GOOD.
    Aloysius
    27th Feb 2013
    11:29pm
    I do not consider the government (of any persuasion) to be the best judge of what is good for me. Communist governments believe they know better but the lot in our government have dubious claims to understand the lives of Aussies outside of the cocoon that they operate in.

    27th Feb 2013
    1:38pm
    This article is ILL researched and a bit amateurish.

    Lets all do what BANKS recommend and put a $1 into each of these accounts because THEY are ONLY concerned about their customers and don't give a hoot about the billions in profit they make each year. Banks are wonderful institutions and CARE about us before anything else.

    Oh! Please...... some sanity! Small accounts that have no movements are GONE by seven (7) years!!!!!!!! Yes, BANK FEES EAT IT ALL UP. So the BANKS get your money (with some SMALL exceptions) - now isn't that better than your government holding it for you WITHOUT FEES, so that it DOESN'T DISAPPEAR.

    Go on everyone ...... give it to the banks and believe all the bullish**t our corporate media dishes out!

    We are talking about one section of the wealthy elite - corporate owned media, telling us to give (yes, basically HAND OVER) all our small accounts to another section of the wealthy elite - our banking system and NOT to have our government keep it out of their GREEDY little hands.

    BANKS have TOTAL control about the rules of your bank account and can CHANGE them at anytime (higher fees on dormant accounts could be introduced within a blink of the eye) and DON'T talk to me about market forces because our banking system is an OLIGOPOLY - which means it is just short of a MONOPOLY. Whereas, the GOVERNMENT has legislative requirements which are overseen by ASIC to keep your SMALL ACCOUNTS and MONEY SAFE without charge.

    PERSONALLY, given the crap interest you get, I would PREFER ALL, yes ALL my money to be in the hands of the government and accept a small amount of interest BUT I don't have that opportunity.

    Come on people..... haven't you learned from the MINING TAX that BIG BUSINESS or the ELITE WEALTHY, will print anything to get you to do what THEY won't. They are treating you as if you are their patsies ..... show them you are NOT.
    Anonymous
    27th Feb 2013
    2:01pm
    Sorry about the rant....... just sick of our corporate owned media who represent the wealthy elite because they ARE the wealthy elite, leading everyone around by the nose.

    They can do this because Australians have been taught that our media is 'free' but the reality is that our media is controlled by the wealthy elite and they print and broadcast THEIR OWN VIEWS on what is GOOD for AUSTRALIA and AUSTRALIANS which ALWAYS boils down to MORE MONEY for THEM and LESS MONEY, SERVICES & INFRASTRUCTURE for US.

    That is why I vote any party EXCEPT Liberal because they are a party that was formed to represent the WEALTHY ELITE and it is their job with the help of their corporate owned media mates to convince us mugs to vote for them.
    robmur
    27th Feb 2013
    2:01pm
    We received a letter from the CBA late last year concerning a small savings account my wife has. The letter alerted us to what the government's intentions regarding an inactive account. My wife's account had only been collecting interest every three months. Its growth was minimal. THERE ARE NO BANKS FEES CHARGED TO THIS ACCOUNT AS IT IS A PENSIONER ACCOUNT. Enquire at your local bank about such an account.
    However, to stop Treasurer Swan getting his hands on my wife's account, we arranged for the CBA to direct debit monthly from our joint pensioner savings account, the grand amount of $5. Mr Swan and his mad hatter PM can go and jump in the nearest lake. No way would I allow this ALP mob to get another cent from us. Their history of economic failure is not only legendary, it is pure and simple fact. The sooner they are shown the door the better. Like Keating leaving Howard and Costello a huge black hole of debt, Gillard, Swan et.al are going to leave at this stage, a $15 billion black hole. Like Howard and Costello, it will take the new government come September 2013, at least nine years to pull the budget back into the black. And still Gillard is off making huge economic promises that will never be funded because the government is now broke. What are the Treasury advisors doing? Very little it seems.
    Anonymous
    27th Feb 2013
    2:33pm
    You do get interest from the new GOVERNMENT proposal you know. Given that the government interest will be based on the Reserve Bank figures, I should imagine they will be a tad higher than your bank interest. Your money is also safer.... the GFC (Global Financial Crisis) hasn't finished just yet.

    Again, WHY would you support the GREEDY wealthy elite, rather than your own government??? Just look at what the GREEDY wealthy elite have done to the USA, they have brought a nation that no external force could touch, to its knees and this year will see this once mighty nation reel from even further blows.

    FACT - HOWARD WAS THE BIGGEST SPENDER OF ALL!!! What on, you might ask.. not services or infrastructure to the people of Australia .... no ...... he GAVE it to private enterprise. For example a lot went to private schools and subsidising the private health insurance bodies.
    Great aye, creating two different forms of education and health... one for the 'wealthy' and one for the 'others' and then getting the 'OTHERS' to pay for it!!!!!!
    Now the question begs, WHERE did he get the extra money because he was JUST SHORT OF A DEFICIT when he left? Oh, yes that is right he reduced top level tax for the rich and introduced GST (a disgustingly inequitable tax) which hit every single person, whether they were pensioners, disabled, poor, disadvantaged. They all paid. Packer thought it was a great tax, so you know damn well it wasn't good for the average person.

    If Abbott gets elected this tax will be increased and everyone will be hit again. It is a disgusting tax but if you vote for this clown, that is what you can expect.

    Additionally
    - An NBN that costs nearly as much as Labor's NBN, that is not that much better than what we now have (although those select few that can afford a few thousand can upgrade to Labor's NBN), will be a big actual cost to us the taxpayers.... whereas Labor's NBN was a merely a LOAN that would have been repaid by 2034 and thereafter would actually MAKE MONEY for the Australian people.
    - University or tertiary education will revert to how much money you have instead of ability because the Uni system will be deregulated and student allowances/loans stopped. The only people able to afford Uni will be a handful of the wealthy elite AND greater numbers of overseas students will replace those Australians that have the ability but not the money.
    - Public school infrastructure and funding will decrease with an increase in private school funding.
    - Public health system will have funding decreased (by not increasing it) whereas private health systems will have funding actually increased.

    Can you see a pattern here...... yes, the Liberal Party represent the wealthy elite.
    robmur
    27th Feb 2013
    2:47pm
    Mussitate. We are discussing the government ripping off people's money. Not an ALP policy speech. Maybe you have a short memory. What happened to the $21 billion that Rudd/Gillard/Swan inherited? I'm not sure that Abbott will be any better managing the economy, but he couldn't be any worse than what we are encountering now. Why all the crap about university fees, NBN, public/private school funding? We are discussing inactive bank accounts and the $109 million grab that Swan needs to try and pay the bills. Enough is enough. Despite your anti Howard and Abbott attitude, the country was never in the mess it is in now despite Howard's short comings.
    Jen
    27th Feb 2013
    2:59pm
    robmur, we are not discussing the government ripping off people's money because that is not what is happening. The government has been taking abandoned money from these accounts for years, the only change is that it's happening a lot sooner (3 years as opposed to 7) which will save most people money. They will be notified as to what's happening with their account and the owner of the account can decide whether to add to the account to keep it current, or close the account. Many wouldn't have even remembered the existence of the account, so it will come as a pleasant surprise to those account holders. If the owner can't be reached, the money will still be able to be claimed and it won't have bank fees deducted as is happening in most cases, whilst left in the hands of the banks.

    The hysteria over this is becoming deafening.
    Anonymous
    27th Feb 2013
    3:04pm
    Don't vote ALP robmur, but it is painfully obvious that you lad, are a Liberal supporter. Worth millions are we or simply believe what you are told... maybe had a small business and think you are one of the big boys?

    Abbott is a clown - he couldn't even negotiate with independents to form a government, last time round because he was too arrogant and STUPID. Gillard has outflanked him on all occasions and provided good programs for Australians BUT you wouldn't read or hear about it because our media only prints and broadcasts negatives on Gillard. Easy target.... she is a woman.

    Dear boy, you brought up politics - you can't spit it out and then not expect it back again.

    It is NOT crap about deregulating Universities, NBN and getting the average Australian to foot the bill for the wealthy to send their kids to school or to get the best health care whilst the average Australian is turned away from the hospital from lack of beds. Fact.

    $109 million in the hands of our government - SAFE, ACCRUING INTEREST, NO FEES. Errr and that is bad! Better than MOST of that $109 million going into BANK COFFERS (with some minority exceptions) over a seven (7) year period, aye robmur!
    Anonymous
    27th Feb 2013
    3:14pm
    Oh! forgot..... this proves how our media have distorted the view of the average Australian.

    Australia is NOT in a mess. AUSTRALIA is economically and otherwise ON TOP OF THE WORLD. Yes, we are the most egalitarian, our wealth is more spread out over the population than any other country in the world which is why we have survived the GFC, no not survived.... flourished whilst other great countries are wallowing (USA UK Europe).

    With the help of Glen Stevens (Chairman, Reserve Bank) Australia has timed and made moves to put Australia on top of the world in Management of our Country and the GFC. We have done brilliantly under the current government!

    This government has fought to tax the wealthy to provide for the Average Australian but with Corporate Media representing those wealthy elite, this good thing has been presented as evil. Same as this issue of saving funds. Say no more.
    Aloysius
    27th Feb 2013
    4:10pm
    Seeing that Mussitate insists on changing the topic: Labor has delivered the four biggest Budget deficits in history with a cumulative value of $172 billion. If this is great government then we agree to disagree. Australia got throught the GFC through good luck and entrepreneurial effort by private enterprise. The good luck was owning resources that a thriving China wanted. Entrepreneurial effort involved selling it to China and the government coffers used this "windfall" to offset its wasteful expenditure and huge borrowings.
    Anonymous
    27th Feb 2013
    9:45pm
    No actually, Australia got through the GFC because we didn't throw open the liaise fare or Market driven economics that the USA and UK and many other countries did. Another name for corporate capitalism, whereby large powerful corporations control our governments (suits in the shadows who are not democratically elected by control our destiny).
    Additionally, Australia is one of the most egalitarian country in the world whereby the wealth is spread out among all Australians, rather than like the USA where .1% own .99% of the wealth.
    Finally and very importantly, under guidance from Glen Stevens, chairman of Reserve Bank of Aust - brilliant economist and Rudd, who actually put in place VERY timely and solid short term, medium term and long term plans and projects to ensure our prosperity. These projects and plans were adopted by Gillard.

    This is another reason WHY the Labor party has a deficit...... it needed to ensure the well being of this country and took the steps when it had to, rather than drag their feet with indecision, like Abbott.

    By the way mining was only an aspect of our wealth, most of it goes overseas to foreign shareholders...... Now if it was nationalised, then the resources that belong to every Australian would stay in Australia and add totally to the wealth of all Australians. Just think about it....we would not have to pay taxes anymore and pensioners would get enough money to live on....ALL GOOD.

    Selling to China..... oh please, give me a break. Why weren't you out there whinging about this sort of thing when the USA bought out most of our resources. In comparison, China owns nothing. That statement was a bit white supremacists, wasn't it???
    gerberry1
    27th Feb 2013
    3:59pm
    Hi Abby
    Being a pension myself, and I must say that majority of my friends are pensioners and they definitely will not be and very few have ever voted Labor.
    You go into the lower socio-economic areas where the majority rely on welfare then you find that they will vet Labor. I asked one person is this situation why they voted labor and it was because that was the only voting literature that they were handed at the polling booth she voted at. With a lot of people, they vote because they have to not because they want to. They can't differentiate between State and Federal Politics and end up voting for the person, not the policies.
    Anonymous
    27th Feb 2013
    9:30pm
    gerberry1

    No different from yourself really. They get handed out brochures for Labor and you get handed out information from corporate owned newspapers and television for Liberal.

    The people from the 'lower socio-economic areas' are probably smarter than you think. They are not conned into voting for a party that represents the wealthy elite.

    If you are not earning over $500,000 a year then by voting for Liberal, you are just playing the mugs game and voting for the wealthy elite to pay less taxes and for you to get less services and virtually no infrastructure.

    Going back to the education of the 'lower socio-economic areas' - the lowering of our education standards is ensured when you pour more of our taxpayers dollars into private education, rather than public education. Intelligence has nothing to do with how well you are educated, it is all to do with money.

    You say that most people vote for the person and not the policies....this I have to agree with you. Liberals have close to zero policies in place (other than support the wealthy wherever and whenever possible) but they still get lots and lots of mugs voting for them.

    So when it all boils down...... who is more intelligent.
    digiom
    27th Feb 2013
    4:24pm
    Mussitate

    You seem to think it is better for the government to control everything. I suggest that is Communism and look how that flourished. I experienced that society when I visited Hungary in 1969 and, believe me, the people were living in misery.
    Anonymous
    27th Feb 2013
    9:57pm
    Wow, I talk about making things better for the people of Australia and you waffle on about Communism and Hungary in 1969. Not forgetting of course that the West put an embargo on anything going to communist countries and therefore only the larger entities survived.

    Now, let us look at Corporate Capitalism, that represents the USA. There are millions currently living in misery in the US because of the criminal activities of bankers and financiers who I might add have great influence over the government of the USA. Hence, the term Corporate Capitalism.

    Under this wonderful system the USA has initiated wars, has kill lists, employs drone strikes to 'take out' people on their kill list (irrespective of innocent by-standers), invented the practice and the term 'extraordinary rendition', imprisonment without trial (thrown out habeas corpus), spying without warrants, militarisation of police, and gargantuan weapons budget. Not to mention the non prosecution of bankers and financiers, even though there is sufficient evidence to prosecute - effectively, they have thrown their 'Rule of Law' out the door.
    Let's just look at two aspects alone - the removal of habeas corpus and rule of law - these are the base essential of a democratic society, without them there is NO democracy.

    I will leave it there but there is more.....
    Aloysius
    27th Feb 2013
    5:20pm
    The Government used to own the Commonwealth Bank. If the Government wants to be the nation's banker, then it should buy it back rather than using the tax office as its banker.
    Anonymous
    27th Feb 2013
    10:03pm
    Wasn't it wonderful when there was a nice mix between the government banks and the private banks. The government banks ensured that the private banks did not join an oligopoly and profiteer and control our nation when they became so powerful.

    Why ooow why would you trust corporate institutions - 'suits that hide in the shadows' that cannot be voted in or out but control our lives and our governments because they are so wealthy and powerful. These same corporate institutions brought the most powerful nation to its knees...... the USA (with the poor average American to suffer even more blows in the coming year). Its enemies could not bring it down but the bankers and financiers did just that..... through GREED and CRIMINAL acts.

    27th Feb 2013
    6:20pm
    One only has to feel sorry for the buffoons mussitate and jen. If you want to lecture people, please do your research and don't come up with untruths and white lies.
    Labor only want this money because they are that much in debts that any more borrowings will result in losing OUR WORLD CREDIT RATING, as has happened to England etc.
    It becomes more and more clear that mussitate and jen are jealous of people, who have worked hard all their life and saved some money for when they retired or to send their kids to university, or to start a business, or for what other means.
    I got some bank accounts for those things, I work on the interest for the Years when it might be used. I can assure mussitate and jen that I have not been charged any Fees what so ever, I also can assure mussitate and jen that the Government won't give the interest as what I get from the bank.
    As for calling Abbott a clown, I would like to ask mussitate and jen what they call Jullia and Swan, after all since they took control of this country, they have been able to waste more money then any government ever since Australia became a Nation, as it stands at the moment, give or take a million, at 250 BILLION, and more to come.
    Well mussitate and jen, just persist and vote for this so called government, as the saying goes, fools never learn.
    Anonymous
    27th Feb 2013
    10:14pm
    RUBBISH heemskerk99 AND DO NOT CALL ME A buffoon - I only give one warning and then I proceed to really, really enjoy myself - it is my failing I am afraid.

    Our world credit rating is one of the best and our currency value is a good indication of that. It went from $0.75 to $1.05 (approx) in relation to the US dollar. So now it costs the Americans to buy OUR currency. Our currency is now held out as one of the most sturdiest in the world...... how could you get that so wrong????????

    No heemskerk99 I am a professional that in some circles, would be regarded as one of the wealthy (but not elite) and yes I have worked hard and am myself a university graduate, as is my children. So what is your point, again??????

    In regard to fees...... well good on you, YOU don't have to pay fees. Lucky you. Guess you couldn't give a rats ar*e about anyone else.

    No dear heemskerk99, it is what the corporate owned media call Julia and Swan, you simply clock your brain at the door, it seems and parrot everything they say.

    If you call providing infrastructure and services to the ordinary people....wasted money.... there is definitely something wrong with you dear chap.

    May I advise you to TRY and filter out some of the bullish*t you are fed by our corporate owned media before you call others fools.
    Jen
    27th Feb 2013
    7:18pm
    Oh dear, heemskerk. If you don't like lecturing, then please don't do it, especially when it's full of untruths and white lies. Now, if you're so into truth, then you won't mind disclosing your credible source for your claim that "Labor only want this money because they are that much in debts that any more borrowings will result in losing OUR WORLD CREDIT RATING."

    Ditto your assertion that this government "have been able to waste more money then any government ever since Australia became a Nation, as it stands at the moment, give or take a million, at 250 BILLION, and more to come."

    Despite what you say about "your" bank account, it happens that I have personal experience of a bank emptying a bank account via their fees and charges so it's a bit pointless trying to persuade me that it doesn't happen.
    KKKKatie
    27th Feb 2013
    7:44pm
    Jen, I have read that the government has borrowed 250 Billion and the interest on that is one million per day. My hair stands on end.
    The Lampster
    27th Feb 2013
    7:59pm
    Folks below is a link to what our debt was Aug 2012. Enough said.

    http://en.wikipedia.org/wiki/Australian_national_debt

    Regards
    peter
    Jen
    28th Feb 2013
    9:11am
    Thanks KKKKatie and The Lampster, it seems that heemskerk was correct in one of his assertions.

    27th Feb 2013
    9:11pm
    Let us look at what a deficit is all about.

    Let us pretend we are in business which is making good profits but in order to grow the business and make it bigger and better for shareholders and to employ more people, we need cash! We need this cash to provide greater service to our customers and to invest in more infrastructure for our business, such as new machinery. A NORMAL business would then undertake to BORROW money and factor in the repayment procedure in the business plan that has been established to ensure the business grows and prospers.

    It is totally illogical for a business to simply hoard its money and stagnate - not improve services to customers and not to update machinery needed to produce the product. What use is that money to the business if it just sits there...... insane right.

    So.... now apply that to a government. A government is there to provide services to the people and to ensure that infrastructure is in place and sufficient for the country to operate to its full potential which in turns ensures economic wellbeing. Just as it does for a business!

    Tell me..... what use is a surplus to the people and to our infrastructure..... absolutely NOTHING. For pensioners to start saying we should have a SURPLUS is ludicrous and shows the extent of our corporate media's influence. The bigger the surplus the less pensioners get and the less infrastructure we get! There is nothing good whatsoever in a surplus or small governments for the average person, just the wealthy elite.

    Labor is currently weighed down with previous Liberal Party obligations of making payments of billions of taxpayers dollars to Private Enterprises, so that they can put more money in their pockets, in the form of subsidising private schools (for the wealthy) and the creation of a private health sector (for the wealthy). However, that is ALL the Liberal Party did with the billions of EXTRA revenue raised by the GST (provide for the wealthy out of our tax dollars), so when Labor got in, it had little money left to do REAL things for this country..... so it had to borrow to do it.


    SIDE ISSUE to compare both major party proposals for NBN -
    The Labor party's option means that a LOAN is acquired but is completely paid back from NBN earnings in the year 2034 and after that it actually generates funds for Australia. Brilliant infrastructure that is FREE to every Australian and the cost of running it is no different to what we pay now...... absolutely brilliant, top of the world in standard, as well.
    Now look at what has been proposed by the Liberal Party - Fibre to the node (a box on the corner of each block), then copper to each residence. Not much better than we have now and Telstra will run from the node to the residence which means we will be at Telstra's mercy on how much that will cost AND the government does not make any money, so the billions paid out is NOT a loan it is simply paid out. The internet is little better than today and a lot, lot worse than what is proposed by Labor. Additionally, if you wanted fibre from the node to your residence, you would need thousands of dollars to pay for it (bit like deep sewerage when it came in) - only the wealthy could afford it.

    So yes, Labor does have HUGE loans, to enable them to bring to every Australian FREE to their door, technology that will help our kids, businesses, hospitals, doctors, training facilities, transport.....every aspect of life. This loan will be REPAID by 2034 AND will then bring money to our government. THAT IS WHAT GOVERNMENTS ARE FOR!!! They are NOT there to syphon our taxpayers dollars to provide services and facilities to the rich and wealthy.

    THINK ABOUT IT!!!
    wally
    27th Feb 2013
    10:34pm
    If the Australian Labor government was doing such a great job managing the Australian economy, why, pray tell, do they resort to usurping idle bank accounts? Why are they in debt to the Chinese for a quarter of a trillion dollars? Why have they cut dental schemes for the chronically ill and the winding back of money people can put it into their super funds? What next? Are they going to ask us all to grub out the coins that have fallen out of our pockets behind the cushions in our chairs and lounges and forward the proceeds to the Treasurer? Mussolini asked the housewives of Italy to hand over their gold wedding rings to his Fascist government to help finance his wet dreams of glory he promised for Italy's grandiose future. (An idea for Wayne Swan to act upon?)
    If the NBN is so wonderful, why aren't the people clambering to get it? What is the rate of uptake, percentage wise, where it has been offered?
    I keep reading about what a great future Mussitate claims Australians have waiting for them. How thrilling! The only fear I have is that we are all going to freeze to death in the dark and starve before this pie in the sky paradise Mussitate is describing comes to pass. There is no Santa Claus, Mussitate, Never was, never will be, especially with government.
    Anonymous
    27th Feb 2013
    11:20pm
    Arh... we will start with the dental. We did have dental cover before Howard got rid of it.

    Every country is in debt to China, why would Australia be different and you must remember, that the debt to China is a 'private debt' whereby businesses, import 'goodies' from China to sell here.

    Now the superannuation..... isn't it always the case, a very few spoil it for the rest of us. The wealthy had the opportunity to earn pocket money but salary sacrifice most of their funds into Superannuation which means they paid very little income tax on the pocket money and only 15% on the money deposited in the superfund. Hence, someone earning $500,000 in wages could put $400,000 in a super fund paying only 15% rather than 45% in income tax on the $400,000. Plus they put in lump sums of capital gains for the same reason. etc. etc. Just some examples.

    So once again, the average Australian was paying for the wealthy to NOT pay tax. Hence, it has been stopped. A small few spoil it for everyone, aye.

    Others insist it is called communism and now you are talking about it being fascism... just a tad over the top, wally. Rather emotive with absolutely no relevance or logic.

    Haven't you read anything that has been written above? or just the corporate owned media (it seems)?

    The changes to banking rules are a corporate media beat up and that the changes mean that those dormant accounts are not eaten up by bank fees (for those that suffer bank fees - most of us, that is) and that they are put into a place whereby they are subject to stringent legislation AND earn reasonable interest. This is for the BENEFIT of MOST of the people.

    Those that have and want dormant accounts (people that don't pay bank fees for instance), still have the ability to maintain these accounts by merely paying $1 into it and then taking it out, every 3 years, whilst everyone else is being protected from their money whittling down to nothing (or $109 million going to banks). Quite simple.

    You must remember that Banks are private enterprise and at anytime they can change the rules relating to your bank account. They effectively own it until you withdraw your funds. Your home loan re-draw facilities can disappear, for example.

    NBN ... IS so wonderful and people do want it! We don't have to clamber, it is FREE to us, we just have to wait until it gets here. It hasn't gone to wealthy suburbs first but to a mix of poor, middle, wealthy, CBDs all over Australia with Tasmania being the first to get covered completely. Most people who get the NBN take it up because you get an internet that is the best in the world AND it costs no different to what you are already paying (in MOST cases).

    Oh! do grow up, 'freeze and starve' what are you talking about.... Just because I showed that Australia was doing well you now SULK and talk rubbish.

    In fact Australia, although STILL being in a better shape than most of the world, I believe, will be hit, just as the rest of the world will be, by the next wave of the GFC and it will be happening this year (by my estimates and others in the economic field). It will be a big wave as well, so people should be wary of their savings held in banks and the value of their superannuation.

    The bit about coins behind the lounge cushions, merely shows how ridiculous you have made this discussion. We are supposed to be adults, not children.
    Sylvia
    27th Feb 2013
    11:22pm
    I think it is pathetic, raiding peoples bank accounts to help shore up their budget, the waste under this government has been horrific, can we really wait until September? It is robbery, if we were to go and take something because it had been left some where safe for X amount of years just because it hadn't been used does that make it right! Every art gallery would be empty! Bang goes another freedom.
    Look at the whole picture, the World is in a hell of a state, too many people, and greed, what a cocktail. And idiots running the show, Democracy will finish us off! Time to get some common sense back into the country, no more political correctness, look how far that has got us, an experiment that is going to bite us all.
    Anonymous
    27th Feb 2013
    11:48pm
    OH! dear...here we go again.

    *Banks whittle away MOST dormant accounts with bank fees (there are some exceptions - those that don't get charged bank fees, apparently?)
    *Hence, Banks RIP OFF those that have dormant bank accounts and POCKET the $109 million in funds for themselves
    *The government are going to take those dormant funds and protect them with strict legislation covered by ASIC
    *The government will PAY INTEREST which could be even more than the piddly amount paid by banks
    *The government charges NO FEES for this service
    *The dormant funds can ONLY INCREASE and cannot decrease
    *The funds held can be RETRIEVED AT ANY TIME by the depositor
    *Those that don't want their funds transferred from the bank simply have to pay $1 into the account every three years and then withdraw it if they wish
    *Hence, no RIGHTS are lost

    THE GOVERNMENTS PROPOSAL IS THEREFORE ALL GOOD.

    Repeat ALL GOOD!!!!!!!

    There is NOT one thing that is bad about this new proposal EXCEPT what our corporate owned media (protecting their wealthy banker mates) tells you there is. THEY LIE!!!!!
    Aloysius
    28th Feb 2013
    12:22am
    Once the Government gets your money without your permission, it has been stated that it will take months to get it back. That is BAD, particularly if need urgently.
    Jen
    28th Feb 2013
    9:27am
    " Democracy will finish us off! " Sylvia, I am very happy to live in a democracy. I feel extremely fortunate to have been born in a democracy. We are among the most fortunate people on the planet. Read up on other styles of government and you too, might feel that warm glow of gratitude and appreciation. Makes this legislation of making use of (mostly) forgotten or abandoned money, seem trifling.

    No system is perfect, but I am forever amazed at the degree of anger in our lucky country.
    wally
    27th Feb 2013
    11:39pm
    If things are so wonderful in Australia, why is the government trying to usurp inactive bank funds? Why is it that you carp about what happened during the Howard (and earlier ) government) administrations? Why, Friend Mussitate, do you keep carping about irrelevant ancient history instead of the more worrying trends that our floundering and incompetent Labor government insist on inflicting on the Australian public? Either you live in a tree or under a rock so that the increases of electricity and other utilities are not of concern to your well being. Glad you do not worry about Australia's debt level, through Labor bungling and mismanagement since 2007. If you have children and grandchildren, they should as they will have the dubious pleasure of paying it back to the Chinese. No doubt , they will find a great deal of comfort in your pronouncements as they try to survive on Chinese benevolence. You wouldn't be a GET UP stooge would you?
    Anonymous
    28th Feb 2013
    12:05am
    Increases in electricity and utilities????? State government old boy and MY costs have doubled since Liberal took over..... so your point!

    NOT Australian's debt level.....old boy....the debt level is PRIVATE debt!!!!! Businesses deal with China to purchase goods, etc..... they are the ones that owe MOST of any debt to China.

    What you are referring to is the total debt level of Australia BUT it is mostly PRIVATE debt NOT, repeat NOT GOVT debt. Errrh.... not made clear by our corporate owned media, what a surprise!

    If you refer to the NBN, then please read above. The cost of the NBN has been taken as a LOAN which will be repaid by 2034 AND then the NBN will represent an income to the Australian Government and hence, to the Australian people.

    You believe absolutely EVERYTHING you read in CORPORATE OWNED MEDIA, as if it is gospel.

    Our MEDIA lies, cheats, doesn't tell the truth or simply ignores the truth.

    MURDOCH's media company in the UK recently avoided criminal charges over its 'activities' in the UK and this is the bloke who controls a vast amount of our media, through majority ownership in the News Corp.

    Remember, Murdoch is NOT Australian, he is an American citizen, so why is he allowed to control a huge chunk of Australia's media.
    Aloysius
    28th Feb 2013
    12:33am
    Everyone agrees that you need to be sceptical about what the media chooses to put before us. It is not all right wing. The ABC and Channel 7 are left wing fans. The Political Editor of the ABC is married to an ALP MHR. The carbon tax directly affects power costs and that is a federal initiative. Private debt is higher than government debt but government debt has grown exponentially under the ALP in government. If the NBN is so great why has the government spent millions on advertising and trying unsuccessfully to persuade us that it is the bees knees? Why was the NBN left out of the budget drawn up by the "world's greatest treasurer"? Simply because it would have converted the promised surplus into a deficit. Corporate greed is a monster and you shouldn't be sucked in by it but the coalition is only a little right of centre and definitely not far right wing. It seems that Mussitate might be happy living in North Korea.

    28th Feb 2013
    12:08am
    I think this checklist is a good one and explains things better than our corporate owned media has, so I will repeat here rather than have it in a pocket of someone else's comment

    *Banks whittle away MOST dormant accounts with bank fees (there are some exceptions - those that don't get charged bank fees, apparently?)
    *Hence, Banks RIP OFF those that have dormant bank accounts and POCKET the $109 million in funds for themselves
    *The government are going to take those dormant funds and protect them with strict legislation covered by ASIC
    *The government will PAY INTEREST which could be even more than the piddly amount paid by banks
    *The government charges NO FEES for this service
    *The dormant funds can ONLY INCREASE and cannot decrease
    *The funds held can be RETRIEVED AT ANY TIME by the depositor
    *Those that don't want their funds transferred from the bank simply have to pay $1 into the account every three years and then withdraw it if they wish
    *Hence, no RIGHTS are lost

    THE GOVERNMENTS PROPOSAL IS THEREFORE - ALL GOOD.

    Repeat ALL GOOD!!!!!!!

    There is NOT one thing that is bad about this new proposal EXCEPT what our corporate owned media (protecting their wealthy banker mates) tells you there is. THEY LIE!!!!!
    Aloysius
    28th Feb 2013
    12:37am
    Once the Government gets your money without your permission, it has been stated that it will take months to get it back. That is BAD, particularly if need urgently.
    Anonymous
    28th Feb 2013
    3:07am
    Yes of course, you leave it dormant for OVER three years and then need it within a day or two. That happens to me a lot.

    Now, who was it that said it would take months to get your money back??? Not our corporate owned media was it?

    The ATO only take 10 days to assess your income tax return and then issue taxpayers with a cheque or deposit the money into the taxpayer's current working bank account. So then, why would it take ASIC more than time to simply hand over your money AFTER you supplied them with adequate identification??? Doesn't really make sense does it now!

    Wow.... we are digging deep to find something wrong with this proposal. Tell me, WHY do you want this government proposal to be a bad thing? I, myself, would think it a good thing, even if the Libs put it forward.

    Is it because you don't want to admit that you have been set up by our corporate owned media? Don't worry I would be equally p*ssed off myself and have been on occasions. Every one gets conned by that lot, every now and again.
    Anonymous
    28th Feb 2013
    3:13am
    Oh! There is one other thing, if it was still in the bank after three years, there might not be anything left to withdraw!
    Aloysius
    28th Feb 2013
    8:24am
    My source of information was the ABC, owned by the Government - not corporate owned media. Government involvement in private matters is a BAD thing because it requires government to be the arbiter of what is good for us as individuals. I don't care what party is in power, I don't agree that that is a good idea and it has nothing to do with the public good. I see this move as a grasp for money to assist cash flow for the government and I see it as a gross invasion of my private interests. I am not supporting banks as I am as apalled as you are by their greed. What I wish to retain is my right to put my money where I wish without being subjected to draconian regulation. It has been said that if you think bank profits are too high, then buy shares in banks.
    Aloysius
    28th Feb 2013
    9:25am
    Almost certainly, a new government office will be established to administer this new scheme. ASIC will have a request for more staff submitted before you can blink. A straight waste of taxpayer money. George Orwell's novel "1984" gives an indication of the direction this Labor government is taking.
    Anonymous
    28th Feb 2013
    2:09pm
    It is NOT a private matter, you are trying to deny others the right to their own money and NOT have the Banksters, sorry Bankers take it from them - just because you are unable to admit that you were conned by our wonderful corporate owned media.

    This legislation is for the average Australian with no reference to wealth and so is okay to be funded from the public purse. It would not take much extra funds because ASIC are already set up and have systems in place to make this sort of stuff EASY. Extra computer program is all that is needed and staff ALREADY EMPLOYED by ASIC would deal with this matter.

    NOT LIKE pouring BILLIONS of our public funds into PRIVATE schools and public funding of PRIVATE health funds specifically for the wealthy which has detrimental effects on PUBLIC schools and PUBLIC health sectors of our community.

    So dear ALoyslius, cut the crap and STOP trying to deny others there RIGHT to there money and not continue this bullsh*t about banksters having that right to remove dormant funds through bank fees.
    Aloysius
    28th Feb 2013
    4:38pm
    What a shame you have to be so stroppy and unreasonable. I know from my own extensive experience in government employment that ASIC will definitely seek more staff. I am not denying anybody anything. It is new government regulation that will deny people their money if they overlook making a transaction on their possibly meagre bank balance. I am seeking the freedom to choose and that is not crap but it is a private matter. So long as I pay my taxes the government has no right to touch my money, meagre or plentiful. You are welcome to have Julia Gillard, Wayne Swan, Craig Thomson and Peter Slipper manage your money They would be better off turning their attention to the corporate greed that you and I both worry about. The ALP has had 2 full terms to address the rorting by companies (including banks) their directors and their CEOs but they have been impotent. They do not have any plan to act so move them on. At least the other side will have a chance of working with business in a cooperative manner. Small business is the backbone of Australia and the ALP has made their life miserable.
    speakup
    28th Feb 2013
    7:07am
    What next ,Public Servants what a joke ,paid by us and also have access to our bank accounts and the right to take our money as well as the taxes we pay and to add insult to injury Ms Gillard has also restricted our holidays overseas to 6 weeks after which they lower our pension .Are we becoming a Police State ????
    Anonymous
    28th Feb 2013
    2:20pm
    Public Servants are held accountable by Legislation. Bankers make their own rules.

    READ THE ABOVE, the government DO NOT TAKE YOUR MONEY. You are being foolish!!!!!!

    THE GOVERNMENT are ensuring that the BANKSTERS do NOT defraud you of your money through fees. END of STORY.

    STOP BEING TOTALLY twatty....THINK!
    MITZY
    28th Feb 2013
    6:46pm
    If any single/married pensioners on the full entitlement can afford to go overseas for 6 weeks, would they please let the rest of us know how they do it? And, again, being so clever as to be able to save for 6 weeks overseas, they should now apply for the position of our nation's treasurer, because they would obviously do a much better job for managing our economy.
    Sylvia
    28th Feb 2013
    8:16am
    Answering Speak up................... becoming a Police State, YES. We are already told what we can say , won't be long before we are told what we can do! Mussitate, I believe in your right to your opinion, but in my opinion you are rather bigoted , I am neither 100% Labour or Liberal, I would just love to see a government working together for the common good, and a return to the times when people had a pride in self and country, so I shall be fair when deciding who gets my precious vote, hard to do this as so much spin and no do these days, and lies.

    28th Feb 2013
    2:33pm
    Oh! Please.... a Police State...we have been that since the beginning of Australia's history and it is usually to support the wealthy.

    By supporting PRIVATE bankers and ensuring that they can fleece the average Australian out of any money they leave dormant YOU are denying others their rights to have their money held and maintained until they are ready to collect it.

    If you don't want your money transferred, easy.... just put a $1 in or take it out every 3 years BUT DO NOT DENY OTHERS THEIR RIGHT TO HAVE THEIR MONEY THERE WHEN THEY GO TO PICK IT UP instead of in the BANKERS POCKETS.

    Bigoted Sylvia? Do you even know what that means? Obviously not because you show more signs of it than I do. That word is not something you should dish out unless you can also receive it right back at you. Don't label people Sylvia, not nice.

    I support any POLICY that empowers and supports the average person and oppose any POLICY that does the opposite.
    I do NOT agree that our corporate owned media should be allowed to manipulate news and information (with impunity) in order to confuse and incite people to dislike a policy or policies. Particularly the current policy that is being enacted that in fact is mostly good for the average person SIMPLY because it takes $109 million out of the BANKERS POCKETS and retains it in a safe place where it is accruing interest and can be collected whenever people wish to. END of STORY.
    wally
    28th Feb 2013
    4:13pm
    Mussitate appears to confuse the deception foisted on the Australian public with the deception foisted by the Australian media. For example I do not think Julia lied when she said "no carbon tax under a government I lead". After all, in choosing to pursue the perks of power over principle, she allowed Bob Brown and the Greens to dictate policy for "her" government after the 2010 election. Thus, in a twisted way, she was telling the truth as it turned out.
    Most of us are caught between the Devil and the Deep Blue Sea in the case of the government and the banks trying their best to get their hands on our money. If the Labor government had done all of the wonderful things Mussitate says it has done wisely and sensibly, then why is it so blatant about grabbing inert bank accounts. Is this the thin end of the wedge? First the grab is on after 3 years. Will it be two years in 2014 and one year after 2015?
    One thing is certain, this government cannot be trusted to do the right thing to benefit the people. Why are they ending government support for palliative care? Is it because Julia doesn't think old people vote Labor, so give them nothing? Does she have the same attitude toward the dying? Do you, Mussitate, consider the aged and dying people to be average persons? What do the banks do with their profits? Do they invest the money in other money earning (and job creating) projects, or do they squander in on feel-good handouts overseas to countries where the ruling elite divert the aid money for themselves and not to the "average" needy people in those wretched countries. Maybe if Labor had spent the tax money more wisely, they would not be in the mess they are now in as Australia slides toward economic catastrophe.
    jan5
    28th Feb 2013
    4:36pm
    anybody who doesn't use their bank account for 3 years has got tooooo much money

    28th Feb 2013
    6:52pm
    Sorry mussitate, jen and now jan or is it jen, that I called you buffoons, it would be better to call you court jesters, ( they obeyed their masters and who were not allowed to express their own opinion, as for mussitate to tell us he is a university graduate, no wonder our once great nation is going to the pot, I only hope, what is now called a dime a dozen, he does not call himself a doctor or professor, enough damage has been done to their profession, I did not ask You what the media was calling julia or swan, I ask you what you was calling them, don't give us spin, labor is well known about that, give us your opinion so we all can get a good laugh about you and your mates. I bet You are a Union Delegate and are only looking after your own interests.
    mussitate, jen and or jan keep following your directions, one day you find out you was taking by the nose, look at julia,s cucumber, and maybe you'll agree, I doubt this, you was wrong.
    Twila
    28th Feb 2013
    9:27pm
    mussitate,

    " I only give one warning and then I proceed to really, really enjoy myself - it is my failing I am afraid."

    You are a bully. Your extended and abusive rants are indicative of standover tactics. Everyone is entitled to their opinion without experiencing this.

    "I am a professional that in some circles, would be regarded as one of the wealthy"

    Wealthy? Without the benefit of banks and what they can do for you? The special perks/interest rates certain professionals are offered?
    Twila
    28th Feb 2013
    9:44pm
    mussitate,

    I vote for the party which I believe will do the least damage. To hold any party above criticism and then blame the media for its 'bad press', is not the mark of an intelligent person. Many writers here thoughtful, intelligent and do their homework. You refuse to give them credit for this.

    If big business and corporations ran their organisations as parlously as this government ... they would hit the wall. They have to answer to shareholders, many of whom are 'mums and dads.'
    Sylvia
    28th Feb 2013
    10:29pm
    PS By the way I do know what a bigot is mussitate, and Jen my idea of being a Democracy differs from your definition, but I do give you the right to your opinion, when I read the ramblings on here i do hope we are going to discuss others subjects before the election other than emptying 3 year old bank accounts, I think it is wrong, but thats my opinion, accounts that are unused should be followed up and some way of informing the owner should be instigated before dipping into these accounts,however I do think a bank should not charge any fees for servicing an inactive account.
    Jen
    1st Mar 2013
    7:42am
    I agree, and owners are informed at the current time as happened to a friend of mine. She got notice of what was about to happen. She'd forgotten the account and she withdrew what was left of it and closed the account. It's not a "grab" as is being stated here. The only change from what's been done for years, is that it happens after 3 years of inactivity, not 7. I'm not sure I agree 3 years is enough, but it could certainly save people losing more of their money to fees and charges.

    1st Mar 2013
    12:48am
    at last mussitate, jen and or jan must have seen the light and agreeing with us that this is nothing more then a grab for money, hoping to stay off the unavoidable truth of labor's inability to govern within the means of this country. All I can say is BRING ON THE ELECTION BEFORE THIS, so called LABOR GOVERNMENT, CAN DO MORE DAMAGE TO OUR, WHAT WAS ONCE THE MOST LIVABLE AND FAIR COUNTRY IN THE WORLD.
    We don't want to become a third world country, run by brainless and power hungry union leaders, they, who would not know what struggle it is to earn an honest quid, those who eat their own members when they become to HONEST FOR OR DON'T OBEY the UNELECTED FACELESS MEN and who will leave us with a DEBT of BILLIONS OF DOLLARS which will take generations of us to pay back and therefore will ruin not only the future of our children but also of our grandchildren and their offspring.
    Jen
    1st Mar 2013
    7:35am
    "at last mussitate, jen and or jan must have seen the light and agreeing with us ..blah blah blah"

    Not sure what you're smoking heemskerk but it's not doing you any good.
    Radish
    2nd Mar 2013
    7:20am
    Sensible and thinking people know this government is doomed and the polls tell us that every month. The only ones who dont realise it are the dyed in the wool LABOR (most dont even know there is no U in the word) supporters who like lemmings would follow the leader off a cliff.

    As for this money grab I think it is outrageous. I have a savings account into which I have not put any money for a while. It has a reasonable balance and I know it is there but I have not had need to put any money in or take any out in over 12 months. It now appears I will have to put a $1 in at least to keep the account out of the greedy hands of this incompetent government. Three years is just ridiculous!
    EELS
    2nd Mar 2013
    8:06pm
    Mussitate, you seem one very angry person.
    Twila
    2nd Mar 2013
    9:19pm
    How does the government justify taking inactive accounts?

    Many accounts are attracting interest. Account holders make their own decisions as to what they do. The government has no right to take accounts unless the person is deemed dead.

    Isn't the time statute of seven years required to declare a missing person 'dead' and in taking his/her inactive account. The linkage is clear.
    from the nanny state
    4th Mar 2013
    11:51am
    THAT'S JUST THEFT ......
    The banks and govt already know exactly what we all do...transaction or not.

    Anyway with the little interest and heavy fees how is anyone supposed to save?
    If the banks don't take it the govt will.
    Even children are scrutanised these days ... where's the incentive?
    Enslaved
    18th Aug 2014
    7:30pm
    There is only one true answer

    That is leave it alone and do not touch anybody else's things whether your belief is that you should or shouldn't is your own personal opinion and not of the opinion of the person who owns the account.Even if it sat indefinately, it is not anybody else's business and that is the only truth. Whether it is wasted away or not should not be up to anybody else other then the owner.

    If people do wish for their account to be touched then maybe an opt in system with the bank, other then that, it is theft made legal as is murder made legal as is every fraudulent activity that government does. They are allin it together, does not matter about labour liberal national greens etc. They are all illegally controlling our lives, in every aspect. Communism, in the fake term of Democracy


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