Major party politicians are putting the economic security of all Australians at serious risk by their misplaced confidence in the Australian Prudential Regulation Authority (APRA), the bank regulator.
The Big Lie of the Australian financial system is that it remained sound during the global financial crisis in 2008, due to the effective oversight of the Australian Prudential Regulation Authority (APRA).
Are federal MPs willing to vote for a bill that could allow the deposits of their constituents—individuals, businesses, non-profits—to be confiscated to prop up a failing bank?
The Citizens Electoral Council is calling on all concerned Australians to demand their elected MPs oppose the new draft bill giving the unaccountable bank regulator APRA dictatorial “crisis management” powers.