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.
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 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.
