Australian Citizens Party formerly Citizens Electoral Council

For national survival, Australia needs a national bank—now!

The coronavirus pandemic has brought into stark relief the failings of Australia’s current economic system, which has gutted our manufacturing capacity and healthcare infrastructure while inflating massive bubbles in real estate and debt. To fast-track an emergency restructuring of the economy that can enable the nation to combat coronavirus and survive the economic crisis, and set the economy up for long-term future prosperity, Australia needs a national bank like the original Commonwealth Bank. The current crisis is forcing a rapid adjustment in the popular view of what is important in an economy, so now this is a fight we can win, as we must. Please sign and share the petition as widely as possible. 

Sign the electronic version below and print off the PDF to gather more signatures.

 Download the petition - For national survival, Australia needs a national bank—now!


For national survival, Australia needs a national bank—now!

TO THE HONOURABLE THE SPEAKER AND MEMBERS OF THE HOUSE OF REPRESENTATIVES

This petition of concerned Australians draws to the attention of the House that:

Australia is in a national emergency, facing the combined crisis of a public health threat and economic collapse.

The economic crisis however is not primarily due to the coronavirus pandemic, but to decades of economic policies that dismantled Australia’s industrial capacity and infrastructure, including and especially healthcare, while inflating a bubble in financial services and real estate.

Australia has become extremely dependent on foreign capital and foreign imports, leading to the highest levels of foreign debt and household debt in its history.

The economic crisis was therefore inevitable; its cause is the same reason Australia is ill-equipped to combat the coronavirus pandemic.

For national survival, this economic situation must be turned around, fast.

We therefore ask the House to:

Immediately establish a national bank to finance an emergency economic mobilisation without borrowing from overseas, just as the original Commonwealth Bank, the “People’s Bank”, provided the credit for Australia’s miraculous WWII mobilisation that transformed the economy into a productive powerhouse.

A national bank would:

  • harness and direct public credit into long-term nation-building infrastructure projects and a massive expansion of productive industries, especially, immediately, in the production of healthcare supplies and equipment;

  • be a vehicle for Australians, including superannuation funds, to invest in the nation’s economic development for a guaranteed long-term return;

  • support the financial system that serves the real economy, not financial speculation;

  • restore public confidence.


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Page last updated on 01 April 2020