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Australia: Government snatches idle accounts
news.smh.com.au
The 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.
to read more: news.smh.com.au
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