Australia’s most experienced advocate for victims of predatory bank lending has slammed as “insane” Prime Minister Scott Morrison’s policy to lower bank lending standards to boost economic activity.
Prime Minister Scott Morrison and Treasurer Josh Frydenberg have had a panic attack over the collapse of credit growth in the Australian economy. Their solution however, to lower bank lending standards to encourage banks to make more loans, will be a disaster, and knowingly so as the disasters that led to the banking royal commission proved.
The 29 May High Court judgement that the “palace letters” between Queen Elizabeth II and Governor-General John Kerr in the Whitlam dismissal should not remain secret is a significant step in the fight for Australian sovereignty. It’s not a foregone conclusion, however, as the Director-General of the National Archives who has a say in what is released, David Fricker, is a former Deputy Director-General of spy agency ASIO.
Australia is in a dire economic emergency, which must be tackled with the same urgency as the COVID-19 pandemic. Australians should call on their politicians to support Bob Katter’s plan to turn the Clean Energy Finance Corporation (CEFC) into an emergency national investment bank that can immediately direct credit into nation-building and job-creating economic development.
Australia is borrowing and spending more than $300 billion to put the economy on life support for six months or more. Instead, we should recapitalise and repurpose the Clean Energy Finance Corporation (CEFC) to invest in the industries and infrastructure needed to combat the epidemic and put the economy on a more productive footing going forward.
