Australia’s banks were already precarious before the COVID-19 pandemic. Now they are in greater danger than ever from the uncertainties of how the economy will work as the government-funded hibernation comes to an end.
Across Australia people are trying to pull their savings from banks. So far it is a slow, silent “run”, not enough to be a systemic threat with crowds gathering outside of bank branches. But it is accelerating.
Just in time for the financial crisis that is brewing in the global economy, One Nation Senator Malcolm Roberts introduced a bill on 27 February to stop the 2018 APRA crisis resolution/“bail-in” law from being used to seize Australians’ deposits.
