The major parties are owned by the big end of town.

The Senate RRAT inquiry into the closure of bank branches handed down its report last May. 

Labor is still stalling on responding to the report which called for a public bank that would keep branches open and ensure that people could access all banking services including access to cash. 

People First is the only party calling for a proper public bank (not postal bank which doesn’t offer all banking services) that will keep branches open, provide cash services and also offer fixed home loans with a duration of up to 25 years. 

Because private banks rely on foreign debt they cannot access bonds with a duration of longer than five years. This means they can’t lend at a fixed rate for longer than five years. The risk of fluctuating interest rates then falls onto hard working Australians who are constantly being bombarded with the volatile decisions of the RBA. 

Albanese and Labor don’t want a public bank because their union mates own a large share of the  private banks through the industry funds. 

That is why he is kicking the can down the road on responding to the banking inquiry. 

He doesn’t want to admit that the Labor party, like the Coalition, are owned by the big end of town.

#auspol