Banks
Once upon a time a bank was created as the "Peoples Bank" it was initiated by our Federation Federal Government to provide banking to the people, to serve the function of providing savings and loans for Commerce, Industry and Housing.
The idea of a peoples bank was to effectively regulate the financial system to protect the people from exploitation from the private banking system which was rampant in Europe and North America.
A peoples bank paid for by taxpayers was formed to protect the peoples savings and banking was even started for the very young at school where every child could start an account to put their pocket money in and watch it grow with interest, every child was given a metal money box to collect their pocket money.
With the election of the Hawke and Keating Government in 1983, labors policy of opposition to privatisation of public assets soon changed to allow the sale by share issue of the peoples bank and our only international airline Qantas.
What started in British politics sometime before, a policy of the conservative Thatcher government to privatise public assets was suddenly adopted here in Australia by a labor government that had somehow ditched its policy platform and opposition, to a policy being pursued by the opposition coalition parties, Liberal and National.
The whole package was left to so called mum and dad investors to take up with the share issue.
Since public ownership the peoples bank and the other 3 big banks introduced a transaction fee structure to make people pay for their individual account that they once received for free while at the same time introducing auto teller machines in all public places.
People had received a return on their account (interest), but now this interest is soaked up in fee's.
People once relied on interest earned as part of their income.
Bank branches started being closed down in rural areas, sometimes after the introduction of an auto teller with the claim that the branch was financially un-viable, at the same time the big four banks were posting ever increasing profits, they could have easily subsidised the rural areas to keep their customers happy the way they had always done for many decades.
Every branch has to make a substantial paper profit, so now country people have to travel to do their banking in major towns well away from their own town so their own little town, their own town has less income because people tend to spend money where they do their banking.
Since de-regulation of the financial system and the privatisation of the peoples bank, we have had the decade of greed is good through the 1990's and beyond 2000 nothing has changed.
Personal Debt
5th of February 2001 in Australia Today
Ch9 A Current Affair.
Personal Debt now equals $70 Billion Dollars for personal loans
Australians owe $17 Billion Dollars in credit card debt.
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Foreign debt has surged past $300 billion dollars
The Sydney Morning Herald Saturday 3rd of March 2001 page 9.
Australia's foreign debt has now reached $300.7 billion dollars a record debt for a poor working class population to pay back, equal to $16,000 Dollars for every man , woman and child.
Most people are good financial managers but having their living standards lowered because someone else has borrowed money from overseas, by either loans or importing goods is grossly un-fair.
People have a short memory of what Australia was like before de-regulation of the financial system, people must take notice that children just born have a debt to pay of $16,000 the same as adults.
How is it that Australia once had very little foreign debt before de-regulation of the Banks and Financial system and now nearly 15 years after de-regulation we have a $300 billion dollar debt?
People are asking why our living standard has fallen when they are working harder than they were in the mid 1980's when de-regulation came in.
Personal Debt
5th of February 2001 in Australia Today
Ch9 A Current Affair.
Personal Debt now equals $70 Billion Dollars for personal loans
Australians owe $17 Billion Dollars in credit card debt.
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National Debt Combined Total
30th of November 2000 Ch9 Television.
Australia's national debt has blown out to $295 billion dollars.
Come on John Howard - What are you doing to reduce debt?
Australia's National Foreign Debt
30th of August 2000.
Debt has risen to $268 Billion Dollars now since the 1996 figure of approx. $180 Billion.
This debt amounts to $14,000 dollars for every man, woman and child, also a major influence on domestic monetary policy, forcing up interest rates.
The level of debt can be traced back to financial de-regulation by the Hawke and Keating Government.
Who will put the billboard trucks around the country now?
Australia must Re-Regulate our Dollar and our Banking Services.
Fact our dollar at $0.52 it has lost 48 cents. rounded to today's figure 6/3/2001.
This figure is at the 50 cent threshold and could fall rapidly driving inflation through the roof committing the population into economic slavery.
Are we paying fools to run our country?
As Australia's dollar (Aussie) shrinks closer to 40 cents the "dollar must be re-regulated along with
the Banking and Finance sector".
Find out for yourself
The Truth About Banks
