Six eminent economists have sent an open letter to the Treasurer, Wayne Swan, calling for an Inquiry into Australia’s banking system, including examining the need for a “people’s bank”.
In the interests of providing greater competition to the banking sector, the economists are calling for an Inquiry to look at whether the government should support the development of a “people’s bank” in Australia that can provide basic deposit and transaction facilities to the community – possibly through the use of Australia Post.
FSU believes that such paths have been trod before, with little real affect on genuinely sustainable competition. Further, if there is to be an Inquiry into the banking sector then it must address issues of employment and responsible lending.
Have your say about the call by the economists and how our sector is performing.
Is there enough competition in our banking industry?
Do we need a people’s bank?
Are our banks acting in the interest of all stakeholders?
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Authorised by FSU National Secretary Leon Carter back to top