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.
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: