Treasurer Jim Chalmers has committed to dumping the policy for which “old Labor” legends John Curtin and Ben Chifley fought hardest—democratic control of the central bank and the banking system.
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.