The local mayor, state MP and federal MP for Mandurah, Western Australia, have attacked the Interests Of The People (IOTP) show “The Economic Massacre of Mandurah” for exposing that their city is the leading edge of Australia’s housing and economic crisis.
If there were any doubt that Australia’s banking system is corrupt, Graeme Samuel’s Capability Review of the bank regulator, the Australian Prudential Regulation Authority (APRA), removes it completely.
With a second high-rise residential tower in Sydney now forced to evacuate due to structural weakness, Australia needs a royal commission—or similarly empowered inquiry that can’t be rigged—to examine the crimes that have been rife in the construction boom. All levels of government have ignored these crimes, but they are now putting people’s lives in danger.
With the election charade out of the way, we can now see the truth about the economy in the actions of the economic authorities—it’s a full-blown emergency!
In a series of stunning announcements, the government, bank regulator APRA and the Reserve Bank, have confirmed that they are in a complete panic about the economy.
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.
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.
