Perhaps we should be careful not to put the baby out with the bathwater!
“Our vision is to build the digital financial infrastructure for the future. We are moving forward with that overarching and audacious strategy and can clearly see how this will roll out.” Caroline Bowler CEO, BTC Markets
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My latest Friday afternoon chat with Journalist Tarric Brooker, as we walk through the key charts as we come to the end of 2022. So, what might 2023 look like?
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An important call to arms with Robbie Barwick from the Australian Citizens Party, aimed at saving SIX bank branches which are ear-marked for closure in the next few days, leaving more communities in the lurch, without property banking services in the community.
In the next fortnight, the big banks which gorge themselves on massive profits from taxpayer support will shut down branches in 10 regional towns around Australia.
Six of those towns will lose their last bank, which will be a massive blow to the local economy and community. They are:
NSW • Bombala NAB: closing 8 December QLD • Dysart NAB: closing 15 December WA • Tom Price Westpac: closing 16 December • Wongan Hills Westpac: closing 16 December SA • Mannum BankSA (Westpac): closing 16 December • Yankalilla BankSA (Westpac): closing 9 December
Please call the Treasurer, and Members relevant to the state in which the branches are located and demand that the Government intervenes to stop this community damage from occurring.
A segment from a recent Senate debate (28th November) in which the question of who is pulling the strings on banking policy in Australia.
The context was the failure to get a bill up covering fines for poor bank executive behaviour, a compensation scheme and measures relating to consumer protection.
Financial Services Minister Stephen Jones pulled the bill after heavy lobbying from the banking industry.
The debate highlighted some important questions and critical themes – watch it through to the end to see Senator McKim and Senator Rennick let fly….
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I discuss the latest developments on the war on cash with Robbie Barwick from the Citizens Party. In the final sitting week, it’s time to give the politicians a final serve in the interests of the people!
Call Minister Stephen Jones and Labor Senators today to protest capitulation to the banks!
Message:
I’m calling to object to Labor’s capitulation to the banks! Labor must stand up to the banks by doing two things this week:
Pass the banking reform laws as planned, including civil penalties for executives to hold bankers accountable;
Support the push for a Senate Rural and Regional Affairs and Transport Committee inquiry into the regional banking crisis, including the government post office bank alternative.
Minister for Financial Services Stephen Jones: (02) 6277 7230 Stephen.Jones.MP@aph.gov.au
Click here to find the contact details of the Labor Senators from your state. https://cec.enudgemail.com.au/securl.php?nudge=y1052zpr1128&link=12460&email=robbie@citizensparty.org.au
Coalition banking inquiry blamed for mass branch closures https://independentaustralia.net/politics/politics-display/coalition-banking-inquiry-blamed-for-mass-branch-closures,17015
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How is it that commercial interests can gain control of an important Government inquiry? This is the excellent question posed by Dale Webster at The Regional. The Regional Banking Taskforce was, she says, stacked by bankers, and its outcomes were pretty much biased from day one.
The current Government are also culpable.
We need a proper inquiry in Regional Banking services, as Dale and I highlighted in our recent joint letter to the Senate. Please get behind it!
Our submission is available to view here and download : https://digitalfinanceanalytics.com/blog/loss-of-in-person-banking-letter-to-rarat-committee/
And a list of Senators by state is available here: https://citizensparty.org.au/aus-senate
If you care about the economic future of our regional towns and suburbs, then please contact your local Senators and tell them that they should support the initiative, ideally over the next few days, so as to create maximum impact in the final sitting week of the year.
The Regional: https://www.theregional.com.au/
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Laws to implement some of the remaining recommendations from the Hayne Royal Commission, including penalties for bankers supported by the Greens was pulled yesterday, thanks to direct pressure applied by the banking industry and their lobbyists.
As a result, legislation to sharpen up protection of consumer credit were also shelved, and a number of customers with specific complaints in the works are now in limbo.
A weak Government, whose strings are being pulled by the Bankers?
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Westpac is planning to remove the final branch from Opal Regional Centre Coober Pedy. The next branch is 440 kms away.
Senator Rennick made a statement on this in the Senate yesterday. And after a town meeting on Monday, it was clear this decision would adversely hit the town commercially, socially and from a mental health perspective.
The Advertiser ran an article on the closure, which may not yet be a done deal.
So, if you care about this issue, I suggest contacting the SA Premier Peter Malinauskas premier@sa.gov.au https://www.dpc.sa.gov.au/the-premier and Westpac CEO Peter King https://www.westpac.com.au/about-westpac/westpac-group/executive-team/ and John McFarlane Chairman and Independent Non-executive Director https://www.westpac.com.au/about-westpac/westpac-group/board-of-directors/ https://banking.westpac.com.au/olfmu/eforms/ConsumerFeedback/#/welcome
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We (Dale Webster and I) have written to the Senate Standing Committee on Regional and Rural Affairs and Transport about the economic fallout from the removal of in person banking services across Australia. Today I discuss this with Robbie Barwick from The Australian Citizens Party and the need to lobby Senate members on this important issue.
If you care about the economic future of our regional towns and suburbs, then please contact your local Senators and tell them that they should support the initiative, ideally over the next few days, so as to create maximum impact in the final sitting weeks of the year.
Go to the Walk The World Universe at https://walktheworld.com.au/