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).
The Citizens Electoral Council since June has been blaring the news that Australia’s banking authorities are drafting legislation in the Treasury for Cyprus-style “bail-in” powers, so that when an Australian bank fails, the savings of its deposito
No bank deposits anywhere are safe following the disastrous Cyprus “bail-in” using confiscated deposits, because this is now the standard for all future bank rescues.
