According to the Australian Security And Investment commission federal government has grabbed about 360 millions dollars from the HSBC in active accounts. According new laws that are introduced by Labors in May government has checked the inactive account from three years and seized the deposit in them. According to the new law of labors government has right to snatch money in the idle accounts that are inactive from seven to three years. In 2014 government has 360 million from 80,000 inactive accounts.
This rule was changed when the massive prize with the total amount was collected in the current year was huge then the last 5 years total amount end of the financial year in the May. According to the recent calculation from 1959 to 2012 net price was about $330 millions. This action was actually taken for those account those owner has lost the account and their funds are eroded by the other charges and interest on their deposits.
Mr Munchenberg told that,
We have grandparents who put money aside for their grandkids’ future and farmers who have set aside money for a rainy day, but it was transferred to the government,
About 90% of account grabbed by the government and very less account had balance less than $5000 but other had millions in the accounts.