Australian Government to Seize Cash from Inactive Bank Accounts

The more desperate, bankrupt and degenerate government becomes, the more they will move to seize the assets of their citizenry.  This move by Australia is very concerning, but probably just the beginning.  Recall, I recently wrote about how the U.S. government is already looking at interfering in the management of retirement accounts.  From the Herald Sun:

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 previous legislation allowed for bank accounts to remain inactive for up to 7 years before the money was transferred to ASIC.

So why the change from seven to three years?  They need the money and they plan on taking what they need.  It’s that simple.

Australian Bankers Association chief executive Steven Munchenberg said there is no benefit for consumers from the changes.

“It is very hard to see why this needed to be rushed through but there have been suggestions it was done more for the government’s own financial circumstances rather than customers needs,” he said.

This cash grab comes as economists warn the government is on track to hand down a $15 billion budget deficit in May as company tax receipts collapse.

Expect more of this.  A lot more of it.

Full article here.

In Liberty,

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  1. They act like it their money. Ah, maybe it is and they are just letting us use some of the fruits of our labor for ourselves. That thinking reminds me of slavery. Maybe it is.
    Amazing how creative governments can be in finding new ways to take more from their subjects. I can see the US doing this as well, but will probably do it just by an “Executive Order” (reminiscent of a decree from a tyrant king in ages past),

  2. Guess I should get my colonoscopy on Sydney
    As they are doing them for free. Holy smackers

  3. Speaking of outright government theft…..

    $7 Million In Gold Found In Dead Man’s Carson City Home

    “Walter Samaszko Jr., a 69-year-old hermit, was found dead in his Carson City, Nevada home. Samaszko may have died with only $200 in his bank account, but officials later found about $7 million in gold around his house……

    …..the IRS, who wants up to 75 percent of the total depending on whether or not Samaszko and his mother filed their taxes properly.

    Glover says that the IRS will be wanting a mimimum of $800,000.”

  4. I don’t think we need to worry about this happening in the U.S. because the banksters would never give the money up. Money in inactive accounts can be used (stolen) for whatever purpose they desire. Besides, other than an IOU, there is nothing in the account anyway. However, if the government wants the money, then the banksters will have to find some money to hand over.

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