afr alters numbers now only 0.1 - 0.5, page-32

  1. 14,217 Posts.
    lightbulb Created with Sketch. 123
    hey this is all a storm in a teacup
    I'm with Staz on this

    "Have $100,000 deposit then bank pays government

    $10 at 0.01%

    at 0.05 % it would be $50."

    the tax is .05 of 1% !!!
    ok so you have $100,000
    1% of $100,000 is $1,000
    0.05% of $1,000 = $50
    So the levy is $50 on a $100,000 deposit
    I actually don't mind paying this levy.
    Banks do go broke. Remember Northern Rock in the UK during the GFC. People paniced, fearing they would lose their saving, there was a run on the bank.
    I would be happy to pay $50 to avoid having to deal with that.
    the insurance on a $1m would only be $500; $50 on $100,000; $5 on $10,000; 50c on $1000; 5c on $100... nothing for peace of mind


 
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