Under siege from erupting public opposition, the Turnbull government whisked its APRA crisis resolution bill through the Senate and into law on 14 February. Of Australia’s 76 senators, only eight were present when the government rushed the bill to a vote, which passed “on the voices”, with no opposition from the Labor or Greens senators present.
A former principal researcher at bank regulator APRA has revealed in a submission to a Senate inquiry that, contrary to government reassurances, Australian bank deposits are not guaranteed.
Major party politicians are putting the economic security of all Australians at serious risk by their misplaced confidence in the Australian Prudential Regulation Authority (APRA), the bank regulator.
The Big Lie of the Australian financial system is that it remained sound during the global financial crisis in 2008, due to the effective oversight of the Australian Prudential Regulation Authority (APRA).
When the government and financial authorities assure you your deposits are guaranteed, don’t believe them. They have proven time and again that in a financial crash they will put the survival of banks and their powerful owners first. The latest example of this is a European Union move to amend existing “bail-in” legislation to enable bank regulators to freeze even bank deposits that are covered by a government guarantee.
