Senate Standing Committees on Rural and Regional Affairs and Transport.
Re: Regional Bank Closures Inquiry and Postal Bank.
The closure of 1,730 bank branches in rural and now metropolitan areas since 1975 to the present day.
The big four Australian banks derivatives exposure has grown 156% from 1989—2016 ($35 trillion).
The Bank for International Settlements in 2016 measured the derivative exposure worldwide at U.S. $544 trillion, or more than seven times the world’s GDP. It was derivative exposure that caused the 2008 meltdown of the global financial system. Warren Buffett described derivatives as, “financial weapons of mass destruction”.
Australia, “The Lucky Country.” According to the “Australian debt clock,” on the 21/10/2022 has a total government debt of $1,598,053,850,440 (trillion). If wanted to pay off a trillion dollars of debt at a dollar a second, it would take 32,000 years.
1. A post office bank will guarantee financial services for all
2. Guarantee on all deposits
3. Financial viability for Australia Post and licenced post offices (LPOs)
4. Ensure cash availability and cash payments.
5. Lend to local small businesses and invest in local areas
6. Invest surplus deposits in a national economic plan, working in tandem with a national development bank to provide long-term low interest loans for Australian manufacturing, family farms and agriculture industries. Infrastructure bank from which local, state, and federal governments can borrow to build power, rail, water, neglected roads and neglected levees.
7. Lift banking conduct and standards.
The 1936 Royal Commission into banking realised that banking was more than mere finance, that it was in fact a great social function which should be controlled in the permanent interest of the people. It was John Curtin who said in his 1937 policy speech “To build a happy and self-reliant Australia.”
“Without national banking governments are not sovereign. The policy of the government must be given effect and the people’s authority established in respect to an indispensable national service.”
China has a post office bank and 21 government-owned development banks. There is nothing new about this, it is what Australia had when we were a prosperous nation with no debt.
Money is a creation of man therefore man creates money.
Yours,
Jeffrey Davy
Numurkah
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