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….
Go to the Walk The World Universe at https://walktheworld.com.au/
More from Senate Estimates with Senator Rennick asking some important questions of the RBA Governor about how the Bank operates, and its accountability.
Go to the Walk The World Universe at https://walktheworld.com.au/
More from the Senate as they probed the RBA Governor, this time the discussion related to the cause of inflation. Governor Lowe conceded they had stoked inflation by monetary stimulus and low rates (and over did it). But then tried to defend the decision.
Go to the Walk The World Universe at https://walktheworld.com.au/
RBA Governor Lowe was quizzed by Senate Estimates yesterday and conceded that the repeated statements of no interest rate rise until 2024 may have mislead some people. This was important, though the apology which followed was not a real one.
Worth reflecting on this when Lowe is due to end his current term, and possibly be considered for another.
This is a short, where Lowe is quizzed by Senator McKim. See 3.50 for the specific question and half apology!
Go to the Walk The World Universe at https://walktheworld.com.au/
This is an edited and updated version of a show originally posted on “In The Interests Of The People”, with Economist John Adams and I discussing the current ASIC inquiry being run in the Senate.
There were some answers provided last week to questions on notice about ASIC’s conduct in terms of trying to lobby to stop the inquiry.
But in late breaking news, and not covered in the earlier show, further questions and answers were posted late last Friday evening (putting the trash out?) demonstrating just how unwilling the Corporate Regulator is in terms of disclosure. Is this contempt?
The earlier IOTP show, where we also discuss how Crypto plays into this, is available here. https://youtu.be/JPoOyV3Mvis
Go to the Walk The World Universe at https://walktheworld.com.au/
This is an edited and updated version of a show originally posted on “In The Interests Of The People”, with Economist John Adams and I discussing the current ASIC inquiry being run in the Senate.
There were some answers provided last week to questions on notice about ASIC’s conduct in terms of trying to lobby to stop the inquiry.
But in late breaking news, and not covered in the earlier show, further questions and answers were posted late last Friday evening (putting the trash out?) demonstrating just how unwilling the Corporate Regulator is in terms of disclosure. Is this contempt?
The earlier IOTP show, where we also discuss how Crypto plays into this, is available here. https://youtu.be/JPoOyV3Mvis
Go to the Walk The World Universe at https://walktheworld.com.au/
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
Go to the Walk The World Universe at https://walktheworld.com.au/
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/
I caught up with Senator Rennick (LNP Queensland) after his recent outings in Senate Estimates and his speech on Superannuation. We explored the broader economic issues which we face, and why we need some different approaches from our regulators and the RBA.
Go to the Walk The World Universe at https://walktheworld.com.au/
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Digital Finance Analytics (DFA) Blog
Getting Better Economic Outcomes: With Senator Gerard Rennick [Podcast]
