After a flood of calls to Senators from concerned constituents, Treasurer Josh Frydenberg’s bill to wind back responsible lending laws is effectively dead.
The Senate’s Australia Post inquiry report, tabled in Parliament yesterday (15 June), was the culmination of the amazing campaign to support Christine Holgate and the thousands of Licensed Post Offices (LPOs) she saved with her 2018 banking deal. That campaign brought home the need for a permanent solution to secure the long-term viability of LPOs and guarantee banking services for all Australians, which is a post office “people’s bank”.
Postal Savings Bank, Banking / Finance, Australia Post
In 2018, while the banking royal commission was shocking Australians with revelations of the crimes of the banks and failings of the regulators, then-Treasurer Scott Morrison insisted on regulators maintaining the principle of caveat emptor—let the buyer beware. In other words, if you are ripped off by financial predators, it’s your own fault for not being smart enough to see the scam.
