| Every hour of the day money is withdrawn from savings accounts,cheque accounts, insurance companies, business and investment organisations, and financial institutions of all kinds. Indeed, ALL monetary transactions are withdrawn from some type of bank or financial institution that holds money in trust. The Australian Payments System Council Report 1991 - 1992, issued by the Reserve Bank of Australia, states that $120 BILLION is withdrawn from banks EVERY WORKING DAY in ordinary business & trading. Just one simple and moderate Debit Tax of ONE THIRD OF ONE PERCENT (0.33%) added on all monies withdrawn provides the National Treasury with an annual revenue of $99 BILLION (See Debit Tax Table) A Debit Tax of ONLY 0.33% on DAILY WITHDRAWALS of $120 BILLION |
EQUALS$396 MILLION IN FEDERAL REVENUEDAILY
EQUALS$99 BILLION IN FEDERAL REVENUEYEARLY |
| These figures are based on the 1991 - 1992 Reserve Bank Report of NON CASH WITHDRAWALS. The amount of CASH WITHDRAWALS made from ATM's and EFTPOS, and WITHDRAWALS made on week-ends and public holidays are NOT taken into account here. It is estimated that a more realistic figure for 1995 is around $200 BILLION IN WITHDRAWALS PER WORKING DAY. A Debit Tax of ONLY 0.33% on DAILY WITHDRAWALS of $200 BILLION |
EQUALS$660 MILLION IN FEDERAL REVENUEDAILY
EQUALS$165 BILLION IN FEDERAL REVENUEYEARLY |
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