To address the growing uncertainty over the financial system, in the face of rising inflation and interest rates, the increased risk of a domestic banking crisis because of our banks exposure to the property bubble, the increasing rate of bank branch closures and threat to viability of our postal service, the Citizens Party is spearheading a campaign to establish a public post office bank.
As part of that effort, the Citizens Party has drafted the Commonwealth Postal Savings Bank Bill, in coordination with Bob Katter MP, to establish a public postal bank similar to the way the original Commonwealth Bank started in post offices in 1912.
Importantly, the original Commonwealth Bank first proved its value as a public bank in the global financial panic of 1914, when it averted a “run” on all Australian banks by the actions of its Governor, Sir Denison Miller, who announced publicly that the Commonwealth Bank stood behind the deposits in all of the banks; consequently, the feared bank panic didn’t eventuate. (In London, which was the epicentre of the 1914 panic, the Commonwealth Bank’s London office was the only bank to remain open during the emergency.)
Like the Commonwealth Bank then, a new public post post office bank will be able to guarantee deposits and provide financial services because it is owned by the government. Put simply, governments are far, far less likely to go bankrupt than private banking corporations are, so customers of public banks can have confidence that their deposits will always be honoured and they will have access to banking services
- Why we need a public post office bank
- Seven benefits of a public post office bank
- Commonwealth Postal Savings Bank Bill
- How a public postal bank would work in Australia
- State of Banking in Australia – The national picture
- International examples of post office banking
- Recruit your community—Local Government Resolutions
- Solve financing needs of local government
- Prominent calls for, and to investigate a public bank option
- Christine Holgate and The Australia Post Senate Inquiry
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Senate establishes broad inquiry into regional bank closures
All impacted communities, groups and individuals urged to make submissions by 31 March – Extended to April 28th.
Press Conference from first public hearing in Sale, Victoria of Senate Inquiry into Bank Closures in Regional Australia
How to make submissions
Submissions to the inquiry are due by 31 March – Extended to April 28th. All impacted communities, organisations, businesses, and individuals are strongly urged to make a submission.
A submission can be a formal representation from an organisation, or as simple as a letter or email, which explains to the Committee your experience and views.
Elderly and vulnerable regional bank customers, who are disproportionately affected, are especially encouraged to hand-write or type physical letters and mail them to the Committee through the post.
Mail your submission to the Committee at this address:
Committee Secretary
Senate Standing Committees on Rural and Regional Affairs and Transport
PO Box 6100
Parliament House
Canberra ACT 2600
Email your submission to the Committee at rrat.sen@aph.gov.au
Upload your submission, and get more information, at the inquiry website
For more information, phone the Committee on 02 6277 3511.