Australia’s housing market is tanking fast and the economy is facing an Ireland-style economic bust. We must act, now, to avert a social catastrophe and restructure the financial system to fix the cause of this crisis.
This release is taken from the editorial of the 6 March 2019 issue of the CEC’s Australian Alert Service magazine.
“What was that?” Great disasters start with that question. It’s being asked now about Suncorp’s unexpected 5 March announcement that repayments are in doubt on a $120 million mortgage bond.
The International Monetary Fund (IMF) is demanding that Australia move beyond the back door “bail-in” scheme passed last year, and enact a full, statutory bail-in regime that explicitly includes seizing deposits to prop up failing banks.
The Senate Economics Legislation Committee inquiry into the Banking System Reform (Separation of Banks) Bill 2019 must be a thorough investigation of structural separation.
The Senate Economics Legislation Committee on 14 February initiated an inquiry into the Banking System Reform (Separation of Banks) Bill 2019.
Click here for the inquiry website
