Michael McCormack (Riverina, National Party, Parliamentary Secretary to the Minister for Finance) Share this | Hansard source

Listen to it, would you! He rubbishes the National Party but that is why the Nationals are in government; to fix up the mess left by his mob.

Mr Feeney interjecting—

We are in government with the Liberal Party. Don't worry about that. And you are sitting on the opposition benches—for good reason. It is because of policies such as this very one that we are debating tonight; that is why you are on the opposition benches and why you ought to stay on the opposition benches.

Up until 2012, accounts had to remain inactive for at least seven years before funds could be transferred to ASIC. The previous Labor government reduced this to three years, resulting in a large number of active accounts being emptied and leaving many Australians financially out of pocket. This change resulted in about $550 million, more than half a billion dollars, transferred from 156,000 Australian accounts to government coffers in the 2012-13 financial year. I will just repeat that: more than half a billion dollars, transferred from 156,000 Australian accounts to government—aka Labor—coffers in the 2012-13 financial year because the member for Lilley was so desperate. He could not come up with any more ways of cutting back and paring back—all the other Defence spending, all the other priorities, like health and education.

It was not Robin Hood, but I tell you what: it was a real bushranger policy. It was stealing from—I will not say 'stealing'; that is probably unparliamentary and I will get pulled up for it. I will just say: it was taking from people's hard-earned accounts and putting it into government coffers.

Before the period of inactivity was reduced by Labor from seven to three years, only $70 million was transferred as unclaimed money in the previous 12 months. The coalition at the time—and I remember getting up here a couple of times and talking about this—said this change was completely inappropriate. They said it would seriously inconvenience people from across Australia, particularly regional Australia, and especially the Riverina and the people from McMillan, who for a very sensible reason put money aside in their bank accounts for a rainy day.

Labor went after people's bank accounts in utter desperation. This was a clear and conscious attack on people's money. And who was financial services minister in the previous Labor government?

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