While the major banks, regulators and government have done everything in their power to block any moves towards bank separation, they have ignored one important point: separation would be good for the banks as businesses.
Good for proper banking, that is, not casino banking or predatory customer-fleecing.
There are numerous reasons Bill Shorten’s Labor failed to convince Australians to elect them to solve their problems, but there is one obvious reason. Inexplicably, Labor let Scott Morrison off the hook on the banks.
On 8 May the Senate Economics Legislation Committee released the report of its inquiry into the Banking System Reform (Separation of Banks) Bill 2019, opposing the policy. On 12 May Prime Minister Scott Morrison announced a scheme for first home buyers to purchase a house with only a five per cent deposit.
There can be no doubt that the Morrison Liberal government and its senator for bankers, Jane Hume, exist to serve the criminal banks and not the Australian people. The latest proof is that the senator for bankers is killing off the Separation of Banks Bill inquiry under the cover of the election campaign—by pretending to conduct the inquiry while she herself is campaigning to be re-elected!
Following the banking royal commission, with its revelations of serious misconduct, abuse and exploitation of customers, and entrenched criminality, how do you think the banks should be treated?
