Bail-in has now been enshrined in law.
And you thought the Royal Commission into banking was going to help consumers, far from it.
Anyone with any REAL money in the bank needs to research and investigate this new and very real threat to any self funded retiree's.
They're coming after your money.
Take it out of any speculative account and put it in a simple savings account or take it out altogether.
Check this yourself, it's called, BAIL-IN!

More government interference of the kind that wrecks economies and people.

ttbn,

True but this one is very serious becuase it attacks our every day security and financial well being.
From what I know about it, if the banks, (the too big to fail banks) can access our accounts, and take money to keep the banks afloat. I assume it will be those accounts or deposits that are in some special higher interest earning facility.
The reasoning as I have been able to ascertain is that because you invested your money in a speculative product, that product is subject to amongst other things, rise and falls according to market movements.
Therefore you knew you were investing in a risky product, so when things were good you gained, but when things go bad, you lose.
This has been done because the rumour has it that we will be going into or close to negative interest rates.
As I have mentioned I chose to do a housing development as it seemed the lesser of the many evils when looking at banks.
I will say this to all, do not be tempted to put your money into ANYTHING, including a business.
Myself I will consider renting these houses, as much as I said many years ago, I would not go near domestic rentals again.
I sold whatever houses I had at the time, (around 45 years ago) and went into industrials.
Never looked back.
One of my better decisions.
So I hope OLO'ens take heed and check out this insidious new law.
I can't "link" but if you look up the CEC, I think the website is;
http://.cecaust.com.au
It stands for Citizens Electoral Council of Australia.
Once in you can search through the many articles and discussions, with references and explanations.
Good luck.

BailIn has been in operation for a few years. It is operated by the
Financial Stability Board of the IMF.
They will take depositors funds from any bank to pay the debts of the
bank that is in distress.
The only way to protect yourself is put your money in a non bank such
as a Building Society. One proviso, it must not be a subsidiary of a
bank or associated with a bank. I moved half my deposits to a building
society after asking if they were connected to a bank. That took them
aback and could not answer for two days.
I believe shareholders in listed companies are OK. AFAIK !

Bazz,

how can any sane person justify or try to justify the logic and reasoning behind BAIL-IN?
It beggars belief, it just cannot be possible, why aren't we kicking in the doors of parliament and dragging these bastards out kicking and screaming.
There is no other way to describe it, other than THEFT!
I would really like to have been in that room when these scumbags came up with this one.
So your telling us that the only choice we have is jumping from frying pan into the fire.
I learned, many years ago that building societies were not a safe institution with a reliable enough record to risk putting money into.
I would like to know what the minimum amount is before they don't touch your account.
In the meantime, as I said, I'll have to go with the building/renting option, as much as I hate it.
You do realise this is all the doing of one sh!tty mob, well the banks are the ones pulling the strings, so they should be lynched up with the govt.

This was agreed by the G20 which met on the Gold Coast a few years ago, but got little attention in the press at the time. Now the Australian government has agreed to adopt a guarantee that covers all personal accounts up to the value of $250,000 at all authorised financial institutions.

https://www.moneysmart.gov.au/managing-your-money/banking