Australian Government to Tax Bank Saving

Jillaroo

Jillaroo

Demented
Location
Mid North Coast NSW Australia
Haven't got all the details but it will be 0.05% and it will be on retirement funds also apparently, no doubt we will hear more on the news tonight, they are calling Krudd a bank Robber now i agree. :what::aargh::wtf:
 

His voting bloc is the welfare addicted demographic, They won't mind, they don't have any savings, so he's taxing ours to give them more sit-down money to keep them voting for him. Elementary. :cool:
 
Jillaroo said:
Haven't got all the details but it will be 0.05% and it will be on retirement funds also apparently, no doubt we will hear more on the news tonight, they are calling Krudd a bank Robber now i agree. :what::aargh::wtf:
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Wait for the details, Jillaroo.
I very much doubt that it will apply to superannuation funds.
That sounds like propaganda to me.
 
"Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon." -- The Beatles
 
B******s if they do..!!
As for saving it in case the banks have troubles, what joke, it will go into general revenue to pay for they stuff ups...
These morons have been telling us for years to try and be as self funded as we can in our retirement, yet at every turn they rip a bit more off us...as I said...B******S!
 
"The Reserve Bank, APRA, ASIC have all suggested to us that this is a good idea. When they make a recommendation like this to government, government should listen."
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Hi folks Im new so I will jump right in and I think you will find thats government spin.

The banks were taken by surprise with the TAX announcement after consulting with Treasurer Bowen for 3 weeks with further talks to come, they received a 1 page letter via the ABA from Bowen that it was a fait accompli -- so much for consultation.

Perhaps a read of -- http://www.bankers.asn.au/Media/Media-Releases/Media-Release-2013/Bank-savings-levy-will-impact-depositors-

 
Does anyone?

Of course it's spin, thanks for that link Murph, points up that what we're told now is not what we've been told during the term of this Government.

They've swaggered and bragged about how wonderful it was that they 'saved' us through the GFC with 'their' smart bank savings guarantees... etc etc. Those laws were already in place, it wasn't 'their' brilliance that got us through.
Now, when the coffers they inherited have been drained on wasteful largesse they suddenly tell us that the banks are vulnerable and need to be 'insured' with OUR savings?? I cry b******t!

Here's a quote from the article. Nothing's changed in banking laws so if it was 'safe' then it's safe now!

Mr Münchenberg said: “The Australian banking system is very safe. This was proven during the global financial crisis, when our banking sector coped well with the strains of that very difficult period, unlike banks overseas which failed or had to be bailed out by their Governments.”
“In Australia, no depositor has suffered from a bank failure since the 1890s[SUP]2[/SUP] .”
“Australia is also unusual compared with the rest of the world in that it has a system of legislated depositor preference. This means that depositors get preference over other unsecured creditors if an ADI fails.”
“In the event of insolvency, banks would have to burn through all their profits and capital, and nearly half of their assets, before deposits were even touched – that is a very unlikely scenario.”
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This may be a piece of legislation you Americans might envy??
 
NEVER TRUST A POLITICIAN
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Unfortunately Archer it's politicians who govern the country, so we have little choice.

The corruption in NSW which I think is only the tip of the iceberg, should get voters to take a much closer look.
 
If you look at what happened in the gfc, lending froze, fear does that, including interbank lending. Australian banks borrow from overseas, in a crisis that flow can stop dead thru no fault of the australian bank. Many businesses went to the wall simply because lines of credit dried up. In Australia withdrawals from some funds like mortgage trusts were frozen, simply because they don't keep the funds in cash, - they are locked up in buildings loans.
This is why the government guaranteed bank deposits up to $250,000, - to instill confidence and stop a run on the banks as everyone rushes for the exits. Panic is contagious.
In the UK there was a run on a bank 'Northern Rock', the bank of england had to deliver truckloads of cash to restore confidence.
The banking system has a thin veneer of stability, once that veneer is stripped away it is the law of the jungle
 
But was it the major 'savings' banks, or the investment and merchant banks that were endangered Max? I think the laws are more to protect the straight out public's savings. The wheelers and dealers can make their own arrangements as to covering their risks. It shouldn't fall to the Joe Public non investor to pay for the riskier players' insurance. Banking is to a certain extent divided into those categories and 'savings' banks have a stricter set of rules governing what they can invest in. As they should.

This move is nothing but a money grab from the savings of the 'struggling families' who the Labor Party have the gall to infer that they represent.

It's the very kind of thing they warn us that the 'Right' will do to us if we dare vote for them. The hypocrasy is breathtaking!
 
With bank deposits paying almost nothing and set to plummet even further see-- http://www.news.com.au/business/com...its-will-hit-you/story-fnda1bsz-1226689769661


I can see a run on the banks just before this new Rudd Bank Deposit Tax kicks in on Jan 2016

We are deep in debt with policies like Gonski, the Disability Insurance Scheme, the NBN and another I cant recall not even being factored into the budget, which went from a forecast $18B defecit out to a whopping $33B three months later, for this year alone.

Economic managers? Certainly not!
 
bank-run.gif
 
When you take out a loan from a bank, you are required to take out insurance against the loan.
Seeing what has happened whithin the last few years with banks going to the wall, why not make
them pay a levee or an insurance against the deposits... Does make sense..The banks should not
pass on the costs though!!....Just a Thought!
 
Seeing what has happened whithin the last few years with banks going to the wall,
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G'DAD, I'm trying to recall the banks that went bust in Australia in the last few years.

It still comes back as a brand new tax, something this government is renown for
 
The law relating to banking has built in sureties for covering those 'insurance' costs Gdad, this has nothing whatever to do with the banks. They aren't proposing the tax.

This is entirely down to the government trying to cover it's losses by creating yet another spurious 'futures' pool of funds which it spends well before the disaster it's supposed to protect us from ever eventuates. The banks are just the excuse to double tax us on savings! Which is illegal btw!

People hate the banks and can't see past their noses that they're just being used as a whipping boy because we didn't like 'em anyway. Wake up. It's not an 'insurance levee', it's a TAX.

Your pension gets paid through a bank, wave goodbye to a few cents a week out of it, for now anyway. The more hikes in the amount they so benificently bestow upon you, the more they'll grab back out of it. Just sayin'.
 

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