The Australian Government has reportedly seized $360 million from 80,000 bank accounts that were inactive for more than three years, after the threshold was lowered under the former Labor government.
A Fairfax Media report says the figure, which is the amount from the year to May, is unprecedented, dwarfing the $330 million netted between 1959 and 2012, when accounts could only be touched by the Government if they were inactive for more than seven years.
The figures, from ASIC, suggest the threshold should be raised, as the legislation was designed to prevent idle bank balances being whittled away by recurring fees.
Finance Minister Mathias Cormann has released a discussion paper on changing the definition of inactivity from three years to five, according to the report, which says this could halve the number of accounts taken by the Government.
There’s more here.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.