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Byron Shire
October 23, 2021

Government snatches idle accounts

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The federal government has seized a record $360 million from household bank accounts (file pic).
The federal government has seized a record $360 million from household bank accounts (file pic).

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.

The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined. Between 1959 and 2012, the total collected was $330 million.


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1 COMMENT

  1. Having been a traveller and out of the country for five years or more and hence may not use certain bank accounts, this is an extraordinary situation that my funds could disappear without my knowledge. Surely there would be some warning or contact if one’s details are current or at least at the bank that would receive notification of this event looming. Still, though anything less than seven years is way to little!

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