Government-Owned Bank Back on Labor’s Agenda

On August 29th, The Australian newspaper reported that a government-owned bank, created out of Australia Post, may be back on the Labor government’s agenda. This move is seen as a response to the recent closures of numerous bank branches in regional Australia.

If this report is accurate, I applaud the Government for this welcome development.

Years of regulation have not succeeded in forcing the banks to act with honesty, decency, and compassion. Additional regulation is not the answer, as large banks typically have access to superior legal resources compared to the Government.

The answer lies in establishing a People’s Bank that can provide competition to the Big Four banks oligopoly, or more accurately, the cartel.

A People’s Bank could rewrite their Banking Code of Practice, restoring protections that successive Liberal Governments have removed—such as face-to-face banking, cash transactions and a guarantee of banking services to prevent the problem of political de-banking.

People’s Banks worldwide have proven their ability to be secure and profitable, and to hold commercial banks accountable, as outlined in my speech.

Transcript: https://www.malcolmrobertsqld.com.au/government-owned-bank-back-on-labors-agenda/