Abbott govt proposes to “tax” bank deposits

Elephant in room

Treasurer Joe Hockey has hinted the Federal Government will push ahead with a tax on bank deposits. No official announcement has been made as yet but it is believed the Australian federal govt is considering a bank deposit tax now of about 0.5 per cent for every deposit.

Mr Hockey says the Government would have to impose unpopular measures to reduce the budget deficit. “There are many things I don’t like that I have to implement at the moment that have been the legacy from six years of bad Labor government,” he said.

The Government will this morning release a discussion paper canvassing potential changes to the taxation system. Mr Hockey confirmed it will warn that Australians will have to pay ever increasing amounts of tax, unless welfare entitlements are cut. “If Labor and the Senate keep blocking reductions in government expenditure, then the only way we can live within our means is to massively increase taxes,” he said. “That is not what we want to do, so we are trying to get government expenditure down.

3 thoughts on “Abbott govt proposes to “tax” bank deposits

  1. Don’t just “cut” welfare – end it, go to a double dissolution if you have to.

    Governments need to do what is RIGHT, not what is wrong, letftwing, or popular. Look at Singapore: no welfare and no borrowing and no bludgers – and no taxes on success, either!


  2. I cant see how hard it is to convey the message. More tax to pay for welfare, simple, you choose. Problem is, we dont get the message let alone the choice.


  3. Pingback: My Article Read (3-29-2015) (3-30-2015) | My Daily Musing

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