Re: Tony Abbott's Support Page

icyfroth · ‎18-03-2015

Prime Minister Tony Abbott:- The only thing Labor is good at is thinking up new ways to take people’s money.

The Commonwealth Government is delivering on its commitment to improve the way that unclaimed money in banking accounts and life insurance policies is managed.

The Government will amend the Banking Act 1959 and the Life Insurance Act 1995 to restore the time bank accounts and life insurance policies can be inactive before they are transferred to the government from three years to seven years.

Children’s bank accounts will also be exempt to ensure funds put aside in these accounts will never be transferred to the Government. This recognises that many people choose to put money aside for their children’s future.

In 2012, when Bill Shorten was Minister for Financial Services, the previous government reduced the period of time that inactive bank accounts were declared unclaimed from seven years to three years.

As a result, millions of dollars held in thousands of active Australian savings accounts were transferred to the Government.
Remember Gillard and Swan went on a money grabbing exercise and brought in this stealing people’s money.

I had a friend who went to access an account she had her savings set aside in case of an emergency and the whole lot was gone, she was diagnosed with cancer and when she went to the bank nothing, it took her nine months to retrieve but that was the easy part, the stress didn’t help during the time she was so sick, it was dreadful.

Labor wonder why they lost government, the main priority for her was living long enough to vote them out and she did but was shattered when they dumped Gillard because that was who she so desired to see give her speech on election night.

gleee58 · ‎18-03-2015

The banks will be pleased about that. More fees for them.

Make no mistake, this is for the banks' advantage, not for the people.

Just curious, why didn't you tell your friend about the changes? Doesn't she watch the news or read the papers?

monman12 · ‎18-03-2015

"The banks will be pleased about that. More fees for them.

Make no mistake, this is for the banks' advantage, not for the people."

Not for peoples advantage, what nonsense, recovering money from an overlooked/ misplaced account is far easier with a bank: As for fees it is called business (common sense) I have 4 bank accounts and pay nil fees on any of them,. Bank profits are actually for the numerous shareholders. I hold shares in all 4 major banks.

In 2012-13, after the former government's change, 156,000 accounts worth around $550 million were transferred to ASIC. Then to ALP Consolidated Revenue

The former governments change (ALP) imposed large costs and inconvenience on those Australians that had to go through the time-consuming process of reclaiming their money. In some cases this took 6 months.

The ALP introduced the reduced 7 to 3 year term in order to boost their bottom line. Swan never did achieve his often promised "surplus Garden" even with the extra income.

debra9275 · ‎18-03-2015

debra9275 · ‎18-03-2015

icyfroth · ‎18-03-2015

Thanks for bumping 🙂

debra9275 · ‎18-03-2015

no worries someone needs to do it

they are two of my personal favourites

icyfroth · ‎18-03-2015

I rather like this one.

tezza2844 · ‎18-03-2015

@icyfroth wrote:

I rather like this one.

ACTION AGAINST HATE PREACHERS:

At Last, "someone" is finally taking action against the likes of Jones ,Bolt, Hadley and their kind

Bet you life, however this will end up as another Abbott Backflip.

gleee58 · ‎18-03-2015

@monman12 wrote:

In 2012-13, after the former government's change, 156,000 accounts worth around $550 million were transferred to ASIC. Then to ALP Consolidated Revenue

And you want to accuse others of talking nonsense.

It was easy to search for "missing" money. If people were making deposits the account didn't become dormant, so who knows how many of the stories about "stolen" funds have been fabrications.