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30 March 2015

Budget 2015: Treasurer Joe Hockey hints the Government will be introducing a bank deposits tax

Mainstream media is abuzz with suggestions Australian Treasurer Joe Hockey will introduce a 0.5% tax on deposits into bank accounts with up to $250000 in them. This latter figure is the level up to which government underwrites and guarantees payment in the event of a run on the banks.

Instead of a tax on bank accounts, how about a super profits tax on the most profitable banks in the world.

Once again, Joe Hockey is targeting the lower end of town. His 0.5% tax on bank deposits does not have a lower limit. So for instance a pensioner who has $800 in an account, will have their pension taxed approximately $5.00 each fortnight. A self funded retiree with $150,000 in an account will have their dividend taxed @ 0.5%, and, every working Australian whose boss uses EFT to deliver wages and salaries will be taxed at the same rate.

There is no doubt that this tax will raise revenue. But it's all about saving on welfare payments. We all have paid taxes to cover our time in unemployment, and taxes to cover our old age or disability. This tax is slimy endless double dipping.

You can read a Joe Hockey interview on this subject HERE