The Australian government and major-party politicians have one response to concerns that bank deposits could be “bailed in”: don’t worry, you’re protected by the $250,000 Financial Claims Scheme (FCS) deposit guarantee.
The death-knell of neoliberalism in Australia is sounding louder, with a landmark policy recommendation inserted in the end of a Parliamentary report handed down mid-March.
The Liberal-National Coalition MPs and Senators in the government endorsed the $10,000 cash ban bill in their 17 September party-room meeting; it is now likely to be introduced into Parliament this week.
Parliament resumes on Monday 9 September, which gives us two weeks to melt down their phone lines with forceful objections against the $10,000 cash ban.
