The Australian Senate committee inquiry into banking separation is being rigged to protect the banks—yet again. It is suppressing the true scale of popular support for the policy by only publishing a fraction of the submissions it is receiving.
The banks must not be allowed to victimise people for a problem they created. Over the last two decades, many homeowners have made foolish decisions to borrow far more than they could afford. But they are not responsible for this building crisis.
Australia’s housing market is tanking fast and the economy is facing an Ireland-style economic bust. We must act, now, to avert a social catastrophe and restructure the financial system to fix the cause of this crisis.
The International Monetary Fund (IMF) is demanding that Australia move beyond the back door “bail-in” scheme passed last year, and enact a full, statutory bail-in regime that explicitly includes seizing deposits to prop up failing banks.
