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.
More evidence has emerged that the APRA bail-in law passed in February does not exclude ordinary deposits from being converted into worthless shares or written off to prop up failing banks, a.k.a. bailed in, as some politicians assumed.
The urgency of a Glass-Steagall separation of deposit-taking banks from dangerous speculation, is that it is necessary to protect Australians from a financial collapse.
A former principal researcher at bank regulator APRA has revealed in a submission to a Senate inquiry that, contrary to government reassurances, Australian bank deposits are not guaranteed.
