Sign the Petition:
Where will your savings be safe from 'bail-in'? In a postal bank!
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:
- Be mandated to furnish a public good. The purpose of the bank is not merely profits, but to promote the general welfare.
- Be charged with ensuring access to banking services for all Australians in all areas of the country. The post office is already mandated to provide cost-effective mail service to all Australians. With a new postal bank, wherever there is a post office, there will be a postal bank. Currently, the monopoly-run private banking system is shutting down rural and regional bank branches at an accelerating rate.
- Make sure a ready supply of cash is available for Australians. Currently, the private monopoly banks are moving to eliminate cash, making it more and more difficult for many citizens to conduct their daily affairs.
- Provide credit to small businesses and industries that are neglected by the Big-Four-dominated banking system.
- Be responsible for making sure that no one is discriminated against in terms of access to banking services. The current, Big-Four-dominated banking system is increasingly 'debanking' customers - cutting people off from access to the banking system for arbitrary and phony reasons.
- Contribute to Australian national development. Deposits in the new Postal Bank in excess of reserve requirements can be invested into large-scale investment projects like water management, high-speed rail, and electricity generation.
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.
Petition Summary
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.
(Click here to read the full text of petition)
“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.”
John Curtin
Australian Prime Minister 1941-1945
PETITION
An Australia Post ‘people’s bank’—a win-win solution for the nation
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:
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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
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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.
Website: https://citizensparty.org.au Phone: 1800 636 432 Email: info@citizensparty.org.au Postal Address: PO Box 376, Coburg, Vic 3058
Authorised by Craig Isherwood, Citizens Party, Melbourne.