I want to share this vision with you, because I believe the challenges Australians are facing require bold and brave solutions.
Rampant trickle-down economics has profoundly damaged our community and our planet. That’s why The Greens have a plan to strengthen the role of government by introducing a Peoples Bank, by regulating the phase out of coal and returning parts of our energy grid to public hands, and by pushing to establish a Universal Basic Income to ensure everyone has access to an adequate level of income.
The following videos present some of the highlights from yesterday’s speech. Take a look!
Australia’s financial sector is defined by the power of the big-four banks, the money they make off housing loans and their billion dollar annual profits to shareholders. In the face of ongoing misconduct and price gouging, it’s time for Government to step in and ensure that there is a low-cost banking service, backed by the RBA, that is focused on the everyday savings and mortgage needs of customers. To inject real competition, create jobs and focus on home-buyers not shareholders.
Imagine a bank whose real goal was to serve its customers, not line its shareholders’ pockets. The Greens will use the Reserve Bank of Australia (RBA) to establish a People’s Bank to provide basic low-risk banking services to the public.
At the People’s Bank, everyday Australians would be able to establish accounts directly with the RBA for day-to-day banking facilities. Customer service would be provided online, by telephone, or face-to-face through Australia Post and other partners. Everyday banking for public good, not profit margins!
Products provided to the public by the People’s Bank would be:
- Savings accounts pegged to the RBA cash rate, with debit cards linked to these accounts also available.
- Mortgage tracker accounts pegged to the RBA cash rate (see further detail below). People banking with the People’s Bank can also have confidence that their savings won’t be used for inappropriate investments, such as new coal mines.