A new Commonwealth Postal Savings Bank, created by the federal government, is the best chance we have of weathering the storm of a new global financial crisis worse than 2008.
The $250,000 Financial Claims Scheme deposit guarantee is worthless because of a policy known as 'bail-in'. Established as an international policy in 2013, 'bail-in' was used against depositors during the financial crisis in Greece and Cyprus - people saw their bank deposits confiscated to bail out the failing banks. Bank of Cyprus depositors lost over 47% of their savings.
In addition to providing safety from a new global financial crisis, a new national postal bank would:
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.
Please sign the petition now. This is a matter of the greatest urgency.
We call upon the Australian government to:
Immediately establish a national postal bank—a new “people’s bank” like the original Commonwealth Bank—to operate through Australia Post’s thousands of post offices; and a national development bank to invest in infrastructure and productive industries.
“If the Government of the Commonwealth deliberately excluded itself from all participation in the making or changing of monetary policy it cannot govern except in a secondary degree.”
Australian Prime Minister 1941-1945
TO THE HONOURABLE SPEAKER AND MEMBERS OF THE HOUSE OF REPRESENTATIVES
This petition of concerned Australians draws to the attention of the House that:
Australia’s financial system is dominated by a private banking oligopoly that pursues maximum profit at the expense of customers, the community and ethical standards.
The major banks have focussed their lending on mortgages, which has inflated house prices to unaffordable levels, while starving small business, farming and manufacturing of credit. In recent years they have shut hundreds of branches and ripped out hundreds more ATMs in rural and regional Australia and low-income suburbs of the major cities, accelerating the economic decline of many communities. And they have abused their market power to reduce the use and availability of cash and cheques and to deny customers banking services through “debanking”.
Australia needs an alternative, public banking system that provides financial services to all communities and invests in the nation’s future.
We therefore ask the House to immediately establish:
a national postal bank—a new “people’s bank” like the original Commonwealth Bank—to operate through Australia Post’s thousands of post offices; and
a national development bank to invest in infrastructure and productive industries.
A national postal bank would restore retail financial services to all communities, fully guarantee savings deposits, lend carefully but fairly, maintain cash payments, not discriminate through debanking, and invest surplus deposits in the national development bank to fund job-creating infrastructure and industries.