To right a wrong and benefit the nation, the government must replace the Australia Post board, restore Christine Holgate as CEO, and establish a public postal “people’s bank”.
For more than a decade numerous organisations and experts have called for an Australian public post office bank to provide a secure alternative to the private banking system.
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.
Since the election in May, the Morrison government, Reserve Bank and Australian Prudential Regulation Authority have thrown everything and the kitchen sink at reversing the fall in house prices. They have been desperate to avert a crisis in the major banks, which have the highest exposure to household debt of any banks in the world—far higher than the banks in the USA and Europe that collapsed when their housing bubbles burst in 2008.
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.
