Case for a People’s Bank.
The Commonwealth Bank was a successful government owned bank with many remarkable achievements over most of the 20th century while it was the ‘People’s Bank’. Among other things Australians saw it as insurance against exploitation by private banks.
The privatisation of the Commonwealth Bank in the 1990’s was a financial disaster for Australia. It came about in the shadow of government deceit, where the people were told that this was to be the last government sale of public assets.
Since deregulation, banks have enjoyed obscene profits and paid their executives multi-million dollar salaries and bonuses. The dark side of the coin shows they have closed branches, cut services, colluded and exploited legally and illegally their collective monopoly of power whenever possible.
This failed deregulation led to all state government banks collapsing and paved the way for a wave of further deregulation and privatization which can exploit the consumer.
The results are being felt by many Australian families who are having difficulties managing budgets such as their privatised utility bills.
Adding to their financial woes is they’re being slugged with an increasing range of bank fees and charges for services, most of which were given free by the original Commonwealth Bank.
There is a strong case to reverse this negative flow, starting with the banks. Options are to nationalise all banks, or create a government owned People’s Bank based on the original Commonwealth Bank model.
Australia’s federal and state governments, general public, and small and large business sectors all stand to gain from a People’s Bank.
For example, the private banks will have to fall in line with the policies and ethics of the People’s Bank. This means less profit for the private banks and more money in your pocket.
The Commonwealth Bank model is cited in overseas publications as a system with enormous merit to both public and private sectors.
We have an opportunity to again demonstrate to the world a banking system that can bring considerable benefits to the federal government and its people.
If you believe we need a People’s Bank, sign the petition and forward it to your family and friends to sign too.
Please check out these links for relevant information:
We, the undersigned, call on the Australian Government to create a People's Bank based upon the original Commonwealth Bank.
The Support a People's Bank petition to Australia's senior government Ministers was written by Banking & Finance Consumers Support Association and is in the category Consumer Affairs at GoPetition.