Josh Frydenberg (Kooyong, Liberal Party, Assistant Treasurer) Share this | Hansard source

I thank the member for Bass for his passion about this issue and his commitment to good economic policy. Last week, the Prime Minister announced that the government will be reversing the desperate cash-grab by the Leader of Opposition, when he changed the unclaimed money rules from seven years to three years, and now we are taking it back to seven years. This is consistent with the recommendation of David Murray's Financial System Inquiry. It has been welcomed by a large number of stakeholders. Michael O'Neil, the CEO of National Seniors Australia, with over 200,000 members said:

The former legislation was ridiculous. This is the people’s money—not the government’s money. Today is a win for common sense.

Ian Yates, the CEO of the Councils on the Ageing, said:

The decision … will give many older Australians peace of mind …

Mark Degotardi, the CEO of Customer Owned Banking Association, said that this is a 'good outcome for consumers'.

I am asked: am I aware of any alternative approaches? Well, the member for Fraser was trying to defend the efforts of 'Bankrobber Bill' when he came out the other day and said:

We put these rules—

Mr Burke interjecting—

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