On 8 May the Senate Economics Legislation Committee released the report of its inquiry into the Banking System Reform (Separation of Banks) Bill 2019, opposing the policy. On 12 May Prime Minister Scott Morrison announced a scheme for first home buyers to purchase a house with only a five per cent deposit.
There can be no doubt that the Morrison Liberal government and its senator for bankers, Jane Hume, exist to serve the criminal banks and not the Australian people. The latest proof is that the senator for bankers is killing off the Separation of Banks Bill inquiry under the cover of the election campaign—by pretending to conduct the inquiry while she herself is campaigning to be re-elected!
Following the banking royal commission, with its revelations of serious misconduct, abuse and exploitation of customers, and entrenched criminality, how do you think the banks should be treated?
The Australian Senate committee inquiry into banking separation is being rigged to protect the banks—yet again. It is suppressing the true scale of popular support for the policy by only publishing a fraction of the submissions it is receiving. And it is refusing to hold public hearings to question the growing number of experts who publicly support banking separation.
The banks must not be allowed to victimise people for a problem they created. Over the last two decades, many homeowners have made foolish decisions to borrow far more than they could afford. But they are not responsible for this building crisis. Pre-deregulation, the banks would not have deliberately loaned money to people who couldn’t repay, recognising the risk in such loans.
