The Australian government has moved to plug a $15 billion budget deficit by seizing all funds in private accounts that have been inactive for 3 years or more.
Perhaps the Australian politicians missed the memo that it is much easier to steal from citizens when they don’t even realize the theft is occurring (see quantitative easing and inflation).
HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.
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After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.
This will mean that accounts with anything from $1 upwards that have not had any deposit or withdrawals in the past three years will be transferred to the Australian Securities and Investment Commission.
The law is forecast to raise $109 million this year as inactive accounts for three years or more are raided by Treasury.
And to add a little levity to the situation, Clark and Dawe’s analysis of the Australian economy and currency wars:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
My gold and silver stored in my hiding place for more than five years without any movement. I have no obligation to do any movement, if I do not want to do this.
The movement of my savings – it’s my right, but not my duty for the governments or banksters.
No government in the world can not rob me and my family, only on the basis that my Gold and Silver savings, stay are more than five years without moving.
Need to escape from the robbers. Necessary to remove all the money from bank accounts and transfer them to gold and silver. In any other case, you will be robbed.
Clark and Dawes are great, everyone needs a little satire now and then. If you can’t laugh at what governments are doing to economies you’d just have to cry….. or scream….or swear….or stack!!!!
Actually this applies to ‘unclaimed’ superannuation accounts (I think superannuation is like a US 401K… not sure on the structure). Not bank accounts! So not banking accounts of any kind (trading, term deposit or savings accounts, etc). ‘Unclaimed’ super accounts are defined as accounts where the company responsible for managing the superannuation has not been able to contact the owner for two years or more AND the account has had no deposits made for two years or more – Not three years. The lost funds are held in trust by the ATO (Australian Taxation Office) not the ASX, until they can find you or you find it. The ATO has a website to help people find their super… if they are not to lazy or stupid to look for it!
If you left 2k in a superannuation fund and made no deposits and you were in a growth (stock market orientated) fund, most of your money would be eaten by fees/losses in a 3-5 years anyway. This move will reduce the fees paid on ‘lost super’ AND the Government will pay interest on the accounts at the rate of inflation (which is often more than you will get from the management fund once fees are deducted).
Don’t get me wrong – the government will still have access to use you funds while it remains ‘lost’ – but finding an account 10 years later that the government has been minding will still have more value than if it was left with a commercial provider.
A news story covering the changes http://www.news.com.au/money/money-matters/australia-tax-office-to-guard-lost-superannuation-funds/story-e6frfmd9-1226500248833
I respect the information and knowledge your site provides… but please… don’t get carried away. Try to get the correct info before publishing. This item is a total misrepresentation!
First time posting – sorry if I sound terse or uppity…… I just really hate misinformation.
Totally my BAD! This is in fact, SORT of accurate. Yes it is about savings accounts and yes the money is going to ASIC. There is a tool provided on the ASIC website to allow you to search for your money. On this site you can also search for unclaimed wages, super, life insurance, shares and monies held by state governments – quite handy really!
This is not something new – it used to have a 7 year threshold. While the government has your money, they will pay interest until it is claimed. For any Australians on this board, you can check out how to claim at https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money/unclaimed-money-search
So, I was incorrect in my original rant/post, for which I offer Doc my apologies. Having said that, this article is still sensationalising and to some extent misrepresenting the actual state of affairs.
BTW… love Clarke and Dawe
and people wonder why i don’t like keeping money in banks, governments are the best thiefs in the world!
I have often said the ONLY thing you keep in a safety deposit box is your girlfriends picture!
Now when you sign up for a bank or credit union account. You have to sign a Patriot Act document allowing the Feds to steal or inspect your safety deposit box…Not good at any rate…
@NetRanger808, so for those of us who signed up for bank acconts and rented safe deposit boxes before the ‘Patriot Act’ was initiated, the feds will NOT bother our safe deposit box when they come after all the others?
Too freaking funny. The initiative, not the video.
With all of this going on, don’t people with significant bank accounts kind of deserve to be stolen from?
I was with my ex for most of 2012 and couldn’t get her to diversify out of fiat on the bank into anything than a tiny bit of jewelry and silver plated utensils. I love her to bits, but really, after getting the Skater treatment and still hanging on to fiat, she kind of deserves it, right?
I find it interesting that banksters allow this to happen. They are as complicit in this theft as the government. Two thieves who move into your home late at night and steal with impunity. And the safe deposit banks? You might was well leave your valuables in plain sight with a sign saying. ‘Here’s my goodies, take them’ SDBs- what a joke.
I returned my key to the bank last week for my empty safety deposit box and Susan, the manager bless her heart said, “Why, Charlie where are you going to keep all your valuables.” I just kept laughing going out the door. LMAO
Coming soon to a bank near you in the USA, you don’t think they will jump all over this?