24th April, 2014
Treasury knows property bubble will smash banking system—what’s it doing about it?
The Australian Treasury has inadvertently admitted, in a letter to the Citizens Electoral Council, the deadly threat facing Australia’s banking system from a crash of the property bubble.
This admission is a scandal, because publicly Treasury denies there is a property bubble, so it can deny the threat, and not take any action against the banking practices that are inflating the bubble.
Ironically, Treasury official Meghan Quinn let slip the admission whilst trying to argue in her 14 April letter against the CEC’s call for a Glass-Steagall separation of commercial (retail) banking from investment banking.
Print latest media releases as flyers (A4 PDF)
Radio interviews with CEC Leaders