A brouhaha has developed in Australia where critics of new taxes have said they are similar to the confiscation of big bank accounts on Cyprus, where the government is seizing up to 80 percent of accounts over 100,000 euros ($130,000) on the orders of international lenders to secure a 10 billion euros ($13 billion) bailout.
Opposition leader Tony Abbott made the comparison when the government said it would put a heavy tax on 16,000 rich Australians who are due big pensions. Prime Minister Julia Gillard said he was irresponsible and a scaremonger.
Finance Minister Wayne Swan announced that from July 1, 2014, people with more than $2 million will face a new tax, although that affects only 0.4 percent of the population and is expected to bring in $947 million over the next four years.
Swan said there will be a 15 percent tax on big pensions but critics said the government is opening the door to seize part of pensions of lower amounts to balance its budget.
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