Australian Citizens Party formerly Citizens Electoral Council

Create a public post office bank!

To address the growing uncertainty over the financial system, in the face of rising inflation and interest rates, the increased risk of a domestic banking crisis because of our banks exposure to the property bubble, the increasing rate of bank branch closures and threat to viability of our postal service, the Citizens Party is spearheading a campaign to establish a public post office bank.

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8 Mar 2023 - 3AW Radio - Tom Elliott - How an Australia Post ‘bank’ could change financial landscape - Interview with Robert Barwick

As part of that effort, the Citizens Party has drafted the Commonwealth Postal Savings Bank Bill, in coordination with Bob Katter MP, to establish a public postal bank similar to the way the original Commonwealth Bank started in post offices in 1912.

Importantly, the original Commonwealth Bank first proved its value as a public bank in the global financial panic of 1914, when it averted a “run” on all Australian banks by the actions of its Governor, Sir Denison Miller, who announced publicly that the Commonwealth Bank stood behind the deposits in all of the banks; consequently, the feared bank panic didn’t eventuate. (In London, which was the epicentre of the 1914 panic, the Commonwealth Bank’s London office was the only bank to remain open during the emergency.)

Like the Commonwealth Bank then, a new public post post office bank will be able to guarantee deposits and provide financial services because it is owned by the government. Put simply, governments are far, far less likely to go bankrupt than private banking corporations are, so customers of public banks can have confidence that their deposits will always be honoured and they will have access to banking services.

Postal Savings Bank
Australia Post
Banking / Finance
Economy / Trade
Page last updated on 19 April 2023

Campaign Updates

13 Jul 2021
All Australians must watch the Citizens Party’s latest Citizens Insight YouTube interview, with Licensed Post Office Group Executive Director Angela Cramp, called “The untold story of the Australia Post scandal”.
  • Australia Post
7 Jul 2021
In another victory for the grassroots campaign that exposed the real agenda behind Scott Morrison’s unlawful removal of Australia Post CEO Christine Holgate, two of the Big Four banks have recommitted to Australia Post banking services long-term.
  • Postal Savings Bank
  • Australia Post
3 Jul 2021
  • Postal Savings Bank
  • Banking / Finance
  • Australia Post
30 Jun 2021
The 28 June ABC Four Corners episode on Australia Post, “Post Mortem: The story behind the turmoil that’s engulfed Australia Post”, confirmed the privatisation agenda b
  • Australia Post
18 Jun 2021
James Shipton’s fate is what happens in Australia when even modest efforts to regulate threaten the major banks, illustrating the urgent need for a public bank alternative to break the monopoly of the Big Four.
  • Australia Post
16 Jun 2021
The Senate’s Australia Post inquiry report, tabled in Parliament yesterday (15 June), was the culmination of the amazing campaign to support Christine Holgate and the thousands of Licensed Post Offices (LPOs) she saved with her 2018 banking deal.
  • Postal Savings Bank
  • Banking / Finance
  • Australia Post
27 May 2021
The months of relentless campaigning for justice for Christine Holgate by licensed post offices (LPOs), the Citizens Party, and thousands of concerned Australians has culminated in a powerful and scathing
19 May 2021
To free community post offices from bad management and banks, and guarantee financial services in regional and abandoned communities, turn each post office into a branch of a people’s bank.
  • Postal Savings Bank
11 May 2021
Christine Holgate has now moved on from Australia Post, but the government and board must be held accountable, and AusPost must become a people’s bank.
  • Postal Savings Bank
  • National Banking
30 Apr 2021
Victorian National Party Senator Bridget McKenzie deserves enormous praise and community gratitude for her fearless and powerful defence of stood-down Australia Post CEO Christine Holgate and the longsuffering small business licensed post offices (LPOs) fighting to get her reinstated.