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Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their money sent to a superannuation account is less than the tax on money sent to their bank account. Australians can contribute additional superannuation beyond the 11.5% minimum, subject to limits.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial ...
Since 2008, as part of the response to the global financial crisis, the Australian government set up the Financial Claims Scheme (FCS) to provide protection to depositors in ADIs in the event that an ADI fails. The FCS guarantees certain deposits (currently up to $250,000 for each account holder at any ADI incorporated in Australia).
The Albanese government announced that existing mutual obligation penalties would be wiped clean from people's records as the government transitioned to the Workforce Australia system. [52] Under Workforce Australia, JobSeekers will have to earn 100 points per month and report them online, including 4 job searches per month, [ 53 ] with a list ...
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.
[64] [65] The guarantee also applies to foreign-owned banks, but only to deposit accounts in Australia and only with funds in Australian dollars. [ 66 ] The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding ended in 2015.
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The government assumed control of the bank's £50 billion mortgage and loan portfolio, while its deposit and branch network were sold to Spain's Banco Santander. [17] In October 2008, the Australian government made A$4 billion available to nonbank lenders unable to issue new loans.