The Labor Party can no longer defer to the Hayne royal commission on whether to separate the banks. Even Paul Keating, who started bank deregulation, has called Hayne’s final report a failure on structural separation.
The 18-page bill to separate the banks that Pauline Hanson will introduce into the Senate next week will do more to fix up the banking system than anything in Kenneth Hayne’s 1,133-page final report.
The government should direct the Auditor-General to conduct an independent audit of Australia’s Big Four banks, in light of the collapsing property bubble to which the major banks are massively exposed.
The Citizens Electoral Council has just released a 100-page handbook titled “The Next Financial Crash Is Certain! End the BoE-BIS-APRA Bankers’ Dictatorship.
Australia’s big banks are careening along a cliff’s edge at breakneck speeds with ordinary investors strapped to their bumpers as human shock absorbers.
