The Phaserl


ABSOLUTE DESPOTISM: Australian Gov’t Snatches $360 MILLION From “idle” Bank Accounts


The Australian federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor.

The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

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1 comment to ABSOLUTE DESPOTISM: Australian Gov’t Snatches $360 MILLION From “idle” Bank Accounts

  • Ed_B

    My comment is, “Who decides what constitutes an “inactive” account?

    The state of California has been doing this for years and during this process the length of time for declaring an account inactive has shrunk from 3 years to 2 years to 1 year. What next? 6 months? 3 months? Who knows? The bottom line is that this is theft. That money or whatever is in a safety deposit box at a bank belongs to someone, either a living person or their estate and ultimately to that persons heirs. In no case does it belong to either the bank or the state. So why are they sticking their greedy hands into other peoples’ property? If you or I did that, we WOULD go to jail. Somehow that seems appropriate for those doing this too.

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