Budget 2015: Federal Government set to introduce tax on bank deposits, Labor accuses Tony Abbott of backflipping on election promise

In Australia it will now cost you to deposit your own money into your own bank account, courtesy of the government and against the banking industry’s wish.

 

The Federal Government looks set to introduce a tax on bank deposits in the May budget.

The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time.

Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget. Continue reading

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