From July 1, 2011 a 50% tax discount will be applied to the first $1000 of interest earned on a range of ‘non-super’ savings products (deposits in banks, building societies, credit unions or on bonds, debentures and annuities) Intended to boost savings outside the superannuation environment – Government claims 5.7 million depositors will benefit during financial year 2011-2012.

[b]YOURLifeChoices Comment:[/b]
Needs clarification. Is this based on current depositor numbers or a projection that more money will move to savings accounts?