BankVic supports the Customer Owned Banking Association (COBA) campaign against the Federal Governmentâs proposed deposit tax. COBA launched the Save Your Savings campaign on 15 June calling on the Federal Government not to go ahead with a deposit tax.
âThe deposit tax is anti-saver because it will hit Australians trying to save for their future in the simplest and safest way,â COBA CEO Mark Degotardi said.
âOur research shows that two-thirds of people understand that current returns on savings accounts barely match inflation but only one in five Australians realises that savings accounts are heavily taxed compared to other investmentsâ.
âMost people just donât know that savings accounts are so heavily taxed and around a third of people think savings accounts are taxed in the same way, or more favourably than, property, shares and super.â
COBA commissioned independent polling to gauge attitudes to saving and the proposed tax. The Essential poll of 1,000 people found:
âThe deposit tax would hit savers when they are getting very low returns due to record low interest rates and an already unfair tax regime,â Mr Degotardi said.
Click here to view COBAâs Save Your Savings TV advertisement. For more information about this campaign go to www.customerownedbanking.asn.au.
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