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Breaking News: Treasury announcement to hit mortgage holders in the pocket

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Australian Broker | 02 Aug 2013, 07:00 AM Agree 0
Treasury has just announced a bank deposit levy which could hit mortgage borrowers where it hurts
  • Sydney Broker | 02 Aug 2013, 01:42 PM Agree 0
    And it totally screws Small Business.
    .05% when you receive payment.
    .05% when your small business pays your salary.
    .05% when you transfer your salary to your loan, savings account or credit card.
    Could total .15%
    Plus extra super of .25% we have to pay.
  • Broker | 02 Aug 2013, 01:44 PM Agree 0
    A bank getting into trouble in Australia, with the way our banks behave ....what utter dribble.
    No need to worry though, as this Government won’t be in power anyway.
    A perfect example why we should already be in caretaker mode
  • MelbBroker | 02 Aug 2013, 01:46 PM Agree 0
    Back to the BAD old days!
  • Sydney Broker | 02 Aug 2013, 01:50 PM Agree 0
    The Treasury maintains, however, that the levy will protect ‘mum and dad investors’ in the event of another bank collapse.
    Sensible Credit what will protect mum and dad investors - not rocket science.
    I am relieved our banks don't give, borrow, waste money like our current Federal Government - if they followed the governments lead it would spell disaster.
  • Incognito | 02 Aug 2013, 01:58 PM Agree 0
    All insurance costs money.

    People have slept soundly over the last 5 years knowing their deposits are insured.

    We insure our cars. Why not out savings?

    PI insurance on the other hand seems a little overpriced.. thoughts?
  • VB Lendahand | 02 Aug 2013, 02:05 PM Agree 0
    How can this government continue to pretend to be operating with a mandate? If this was a corporation the Administrators would have been appointed by now! If we need tax income create jobs through long term infrastructure projects not school halls, borrow now and invest at cheap debt rates with AAA rating. Even the banks would welcome that!
  • David Qld | 02 Aug 2013, 02:05 PM Agree 0
    Ross Greenwood said this morning that it will take 40 years for this fund to grow to a large enough amount to protect against the collapse of a 2nd tier Bank such as Suncorp.

    Considering there has not been a Bank since 1890 that couldn't pay it's deposit holders, despite two world wars, the great depression, multiple stock market crashes and the GFC, I think our Banks have demonstrated that borrowers don't need this type of protection.
  • Broker | 02 Aug 2013, 02:20 PM Agree 0
    Take me back to the days of good old cash!
    Be interesting
  • Mat | 02 Aug 2013, 02:23 PM Agree 0
    Put the pitchforks and torches down people. 0.05% is 50c on a $1,000 deposit. Hardly "totally screws small business". Do I like it? No, but do I jump in with ridiculous parochial hyperbole? No.
  • MickeyW | 02 Aug 2013, 02:28 PM Agree 0
    There goes offset accounts
  • wayne | 02 Aug 2013, 02:29 PM Agree 0
    Let's see ALL taxes, GST, levies etc. scrapped. I think a transaction tax levied at the correct rate on ALL transactions over $1,000 for govt. revenue is the best way to go. With the billions traded every day in shares, hedge funds, derivatives etc. the tax on transactions could replace all other taxes. Would that make a difference to the average Australian - you bet!!
  • SIDBROKER | 02 Aug 2013, 02:33 PM Agree 0
    Best thing to do is make sure this labor Federal Government gets the message at the next election and the message is we can`t have people like this running our nation. Mr. Bowen seems to be after Mr. Swan`s reputation for being the worse treasuer in history and even at this early stage seems to show that arrogance seems endemic with so many glorified public servants and that is one trait that Australaians will not tolerate at the next election.
  • D'Arcy - Qld | 02 Aug 2013, 02:33 PM Agree 0
    And we have the most profitable banks in the world. Just fund raising to meet the mountain of debt Labor has created. C'mon Sept
  • Bank Employee | 02 Aug 2013, 03:59 PM Agree 0
    To quote: - protect ‘mum and dad investors’ in the event of another bank collapse - When did our banks collapse last time? Was it 1890?
  • Sydney Broker | 05 Aug 2013, 08:42 AM Agree 0
    Incognito, yes all insurance does cost money.
    Banks usually cover this cost in rate margins, rate for risk as they say.
    What concerns me how Federal Government have borrowed and given money away since 2007.
    What surplus did they start with, and what are they at now?
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