Reserve Bank Governor Dr Philip Lowe’s 12th interest rate rise in 13 months to 4.10 per cent is crushing the life out of Australian families to pay for the RBA’s own sins.
For two decades, Lowe and his predecessor Glenn Stevens artificially lowered interest rates to near zero, deliberately inflating house prices and trapping millions of Australians in unpayable mortgage debts, which caused today’s cost-of-living crisis.
The Australian Citizens Party (ACP) is calling on all Australians to stand up against the agreement between Treasurer Jim Chalmers and Shadow Treasurer Angus Taylor to remove democratic accountability for the banking elite who control the economy through the Reserve Bank of Australia (RBA).
Treasurer Jim Chalmers has committed to dumping the policy for which “old Labor” legends John Curtin and Ben Chifley fought hardest—democratic control of the central bank and the banking system.
Call and email all Senators to tell them to support a Rural and Regional Affairs and Transport Committee inquiry into the regional banking crisis.
The crisis in regional banking services continues to intensify, with three towns set to lose NAB branches this Thursday, 2 February: Warners Bay NSW, Tin Can Bay Qld, and Strathalbyn SA.
Demand the Treasurer intervene with bank CEOs and insist they earn their taxpayer guarantees and subsidies by maintaining branch services in communities.
In the next fortnight, the big banks which gorge themselves on massive profits from taxpayer support will shut down branches in 10 regional towns around Australia.
All Australians should support this formal petition to Parliament:
Petition EN4244 - Moratorium on regional bank closures and new inquiry
Petition Reason
