The last Treasurer questioned the safety of super fund derivatives, but the biggest derivatives gamblers are the banks. Only a public post office bank will keep deposits truly safe.
Just-released correspondence between the Treasurer and Reserve Bank of Australia (RBA) Governor has highlighted another reason Australia needs a public post office bank—a safe place for deposits.
Prime Minister Anthony Albanese’s headline agenda, which dominates media reporting, includes China, climate change, and a federal integrity commission. Besides those issues, he is now responsible for the unfinished business of the previous Parliament, on which his Labor Party took a position. Now that it is in a position to act on these issues, what will the Albanese government do?
Banking Royal Commission reforms
Australia Post, APRA/ASIC/ACCC/AUSTRAC, Royal Commission
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.
The Labor Party can no longer defer to the Hayne royal commission on whether to separate the banks. Even Paul Keating, who started bank deregulation, has called Hayne’s final report a failure on structural separation.
Above all else, the banks were desperate that Commissioner Hayne’s final report didn’t recommend structural separation; according to journalist Michael Pascoe, this was the subject of the illegal insider trading leak that caused bank shares to suddenly rise at 11:00 AM on Monday.
The 18-page bill to separate the banks that Pauline Hanson will introduce into the Senate next week will do more to fix up the banking system than anything in Kenneth Hayne’s 1,133-page final report.
Royal Commission, Glass-Steagall, Banking / Finance
