To right a wrong and benefit the nation, the government must replace the Australia Post board, restore Christine Holgate as CEO, and establish a public postal “people’s bank”.
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.
Australia’s most experienced advocate for victims of predatory bank lending has slammed as “insane” Prime Minister Scott Morrison’s policy to lower bank lending standards to boost economic activity.
The recent fracturing of the neoliberal consensus that drove both major parties to mass-privatise national assets and hand control of the economy over to private banks is accelerating into a full-blown breakdown.