Phillip Hudson and Stephen McMahon
August 2, 2013
BANKS are expected to cut interest on deposits to make up for $733 million being taken by the Rudd Government as an insurance levy that will prop up its embattled Budget.
The “savings tax” would mean a customer with a $100,000 deposit could lose $4 a month in interest.
But the Government says the typical household has $10,000 in the bank and the loss would be less than 50c a month.