Parliament has today passed the controversial bill which allows the federal government to seize money from ‘inactive’ bank accounts.
As the IPA previously outlined, the Banking Amendment (Unclaimed Money) Bill 2013 would allow the government to take money out of accounts that have not been touched for three years. The previous law allowed for this after seven years.
Clear examples of the outrageous nature of this cash-grab have already started to emerge. In Queensland, a pensioner arrived home after a quintuple heart bypass to find out the government had emptied his account of over $22,000 – money he had saved for future medical expenses. Two young Victorian boys, aged three and five, also had their savings raided by the government.
This Canberra cash-grab is an attack on property rights, and we are glad Tony Abbott has pledged to overturn the law.