We look at the latest around the NSW floods and highlight some of the broader questions in play. Is this an act of God – or does something else explain the unfolding disaster?
Live Show tonight: https://youtu.be/gxKSU5pkChY
Go to the Walk The World Universe at https://walktheworld.com.au/
The appalling proposed changes to Responsible Lending got stalled in the Senate last week. But the Government is going to try and convince the cross-benches they should be passed for the sake of the SME sector.
However, this is absolute misdirection, as SME lending (globally as well as locally) are impacted by a range of broader factors, including the risk-weights, which explain the reason for credit rationing. It has nothing to with Responsible lending, it is just a convenient excuse to try and push the opposition over the line. Just remember the Hayne Royal Commission clearly recommended keeping the current consumer protections. And also, SME lending is in any case not subject to Responsible Lending provisions. This is a dog-whistle by a desperate Politicians keen to serve their Banking masters.
Go to the Walk The World Universe at https://walktheworld.com.au/
After our success in defeating the $10,000 cash transaction ban – the greatest economic tyrannical assault in the history of Australia, Adams is calling on Australians to join a new battle which is being undertaken in the Australian Parliament.
Robbie Barwick from the Citizen’s Party and I discuss the important window of opportunity this week (10th Nov) to phone Senators in Canberra to press them to pass the Deposit Bail-In Amendment. This would take bail-in off the table for Depositors!
https://citizensparty.org.au/stop-bail-in https://youtu.be/rLWL2E4oVB4 – 2 min advert https://citizensparty.org.au/media-releases/two-months-win-fight-protect-australian-bank-deposits-bail https://youtu.be/UFPxSVhkKRg – DFA Live Show
Robbie Barwick from the Citizens Party and I discuss the latest turn in the Deposit Bail-In saga. We have two month before the critical vote, and its time to make our views widely known.
The Video: https://youtu.be/rLWL2E4oVB4
The Petition: https://info.citizensparty.org.au/bail-in-petition
Robbie Barwick and I discuss the latest on Deposit Bail-In and the progress towards creating a National Investment Bank.
Senate Economics Legislation Committee’s report on Banking Amendment (Deposits) Bill 2020 https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/BankingDeposits/Report
Post-coronavirus deposits are safe with the banks, and debt for property is not a huge risk, say regulators, by Nassim Khadem https://www.abc.net.au/news/2020-08-26/senate-inquiry-bail-in-bank-deposits-rba-household-debt-covid19/12594380
Senate committee backs APRA, Treasury on depositor protection, by James Eyres https://www.afr.com/companies/financial-services/senate-committee-backs-apra-treasury-on-depositor-protection-20200825-p55p33
Petition: For national survival, Australia needs a national bank—now! https://citizensparty.org.au/national-bank-petition
Webinar – Campaign for a National Infrastructure Bank – Democratic National Convention https://youtu.be/tz2aUR-L4v4
Per Capita/CEPU discussion paper – “Postbank: Filling a Void, Securing Essential Services” https://percapita.org.au/wp-content/uploads/2020/07/Australia-PostBank_FINAL2.pdf
Economist John Adams and Analyst Martin North look at the official reaction to the deposit bail-in submission, and what this says about how things really work.