New Rudd Government tax on bank deposits will hit you

Phillip Hudson and Stephen McMahon
The Advertiser
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.

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