Only A People’s Bank Will Tame The Savage Beast: With Robbie Barwick

Robbie Barwick and I parse the latest from the Regional Banking Inquiry. The Senators are on the scent now, and Bankwest got a right pasting…

Here’s the press release this is from:

https://citizensparty.org.au/media-releases/bankwest-betrayal-west-aussies-test-government

Here’s the details. What you can do: Call and email WA Labor MPs to demand they stand up to BankWest and CBA and tell their boss Anthony Albanese to re-establish a People’s Bank:

Member for Tangney Sam Lim Ph: (08) 9354 9633 Email: Sam.Lim.MP@aph.gov.au
Member for Hasluck Tania Lawrence Ph: (08) 6245 3340 Email: Tania.Lawrence.MP@aph.gov.au
Member for Pearce Tracey Roberts Ph: (08) 6500 6499 Email: Tracey.Roberts.MP@aph.gov.au
Member for Swan Zaneta Mascarenhas Ph: (08) 9355 0099 Email: Zaneta.Mascarenhas.MP@aph.gov.au
Member for Cowan Dr Anne Aly Ph: (08) 9409 4517 Email: Anne.Aly.MP@aph.gov.au
Member for Burt Matt Keogh Ph: (08) 9390 0180 Email: Matt.Keogh.MP@aph.gov.au
Member for Perth Patrick Gorman Ph: (08) 9272 3411 Email: Patrick.Gorman.MP@aph.gov.au
Member for Brand Madeleine King Ph: (08) 9527 9377 Email: Madeleine.King.MP@aph.gov.au
Member for Fremantle Josh Wilson Ph: (08) 9335 8555 Email: Josh.Wilson.MP@aph.gov.au

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Only A People’s Bank Will Tame The Savage Beast: With Robbie Barwick
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Only A People’s Bank Will Tame The Savage Beast: With Robbie Barwick

Robbie Barwick and I parse the latest from the Regional Banking Inquiry. The Senators are on the scent now, and Bankwest got a right pasting…

Here’s the press release this is from:

https://citizensparty.org.au/media-releases/bankwest-betrayal-west-aussies-test-government

Here’s the details. What you can do: Call and email WA Labor MPs to demand they stand up to BankWest and CBA and tell their boss Anthony Albanese to re-establish a People’s Bank:

Member for Tangney Sam Lim Ph: (08) 9354 9633 Email: Sam.Lim.MP@aph.gov.au
Member for Hasluck Tania Lawrence Ph: (08) 6245 3340 Email: Tania.Lawrence.MP@aph.gov.au
Member for Pearce Tracey Roberts Ph: (08) 6500 6499 Email: Tracey.Roberts.MP@aph.gov.au
Member for Swan Zaneta Mascarenhas Ph: (08) 9355 0099 Email: Zaneta.Mascarenhas.MP@aph.gov.au
Member for Cowan Dr Anne Aly Ph: (08) 9409 4517 Email: Anne.Aly.MP@aph.gov.au
Member for Burt Matt Keogh Ph: (08) 9390 0180 Email: Matt.Keogh.MP@aph.gov.au
Member for Perth Patrick Gorman Ph: (08) 9272 3411 Email: Patrick.Gorman.MP@aph.gov.au
Member for Brand Madeleine King Ph: (08) 9527 9377 Email: Madeleine.King.MP@aph.gov.au
Member for Fremantle Josh Wilson Ph: (08) 9335 8555 Email: Josh.Wilson.MP@aph.gov.au

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

A Question Of Democracy!

This week the Senate held hearings into the proposed changes to the way the RBA works. The original review was led by three Technocrats included a recommendation to remove the overrule power. This power specifically, section 11 of the Reserve Bank Act 1959 enables the federal treasurer to “overrule” an action taken by the Reserve Bank in extreme situations, via a clear and determined process, and even though no Australian government had used it in the more than 60 years it is important. It’s supposed to be a democratic fail-safe.

The Technocrats recommended the overrule power should be removed from the act. Their reasoning was that there was a risk that the federal treasurer, and by extension the federal government, might abuse that power. But what if the RBA abuses their power? The proposed change was not supported by the bulk of those who appeared in the Senate hearings, so today we look at the evidence provided.

At the heart of the issue is this. How accountable should the RBA be? And if there is no democratic override from the section 11 power, what happens if the Economists at the RBA set monetary policy in a way that badly impacts ordinary people, bearing in mind that another recommendation was to strike safeguarding the “welfare of all Australians” from their objectives. The focus will be on inflation and employment, only.

Central bankers are not infallible, sometimes makes mistakes, and frankly are already not accountable for their decisions, right or wrong. It’s a question of democracy.

So standing back, it seems it was the Technocrats and Economists who wanted to remove the section 11 power, but those with real lived experience, from both the Central Bank, and Government, as well as many respected observers, all agree.

Democracy would be sacrificed, and the Central Bank would be even less accountable if the power was removed. In other words, it is a question of democracy. And more broadly the idea of unelected Central Banks, being able to impose monetary policy decisions without question should terrify us all.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
A Question Of Democracy!
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A Question Of Democracy!

This week the Senate held hearings into the proposed changes to the way the RBA works. The original review was led by three Technocrats included a recommendation to remove the overrule power. This power specifically, section 11 of the Reserve Bank Act 1959 enables the federal treasurer to “overrule” an action taken by the Reserve Bank in extreme situations, via a clear and determined process, and even though no Australian government had used it in the more than 60 years it is important. It’s supposed to be a democratic fail-safe.

The Technocrats recommended the overrule power should be removed from the act. Their reasoning was that there was a risk that the federal treasurer, and by extension the federal government, might abuse that power. But what if the RBA abuses their power? The proposed change was not supported by the bulk of those who appeared in the Senate hearings, so today we look at the evidence provided.

At the heart of the issue is this. How accountable should the RBA be? And if there is no democratic override from the section 11 power, what happens if the Economists at the RBA set monetary policy in a way that badly impacts ordinary people, bearing in mind that another recommendation was to strike safeguarding the “welfare of all Australians” from their objectives. The focus will be on inflation and employment, only.

Central bankers are not infallible, sometimes makes mistakes, and frankly are already not accountable for their decisions, right or wrong. It’s a question of democracy.

So standing back, it seems it was the Technocrats and Economists who wanted to remove the section 11 power, but those with real lived experience, from both the Central Bank, and Government, as well as many respected observers, all agree.

Democracy would be sacrificed, and the Central Bank would be even less accountable if the power was removed. In other words, it is a question of democracy. And more broadly the idea of unelected Central Banks, being able to impose monetary policy decisions without question should terrify us all.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

RBA Independence Discussed In Senate Committee

RBA Independence or should that be spelt “dance…” was one issue discussed during the Senate Economics Legislation Committee on Thursday 15th February 2024.

Senators Nick McKim and Gerard Rennick quiz RBA Governor Michelle Bullock during the hearings. Highly relevant given the current proposed legislation to remove Government oversight of their activities.

Segments on other issues will follow. Here is the link to the full hearing (1:30:00) https://www.aph.gov.au/News_and_Events/Watch_Read_Listen/ParlView/video/2174307

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
RBA Independence Discussed In Senate Committee
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RBA Independence Discussed In Senate Committee

RBA Independence or should that be spelt “dance…” was one issue discussed during the Senate Economics Legislation Committee on Thursday 15th February 2024.

Senators Nick McKim and Gerard Rennick quiz RBA Governor Michelle Bullock during the hearings. Highly relevant given the current proposed legislation to remove Government oversight of their activities.

Segments on other issues will follow. Here is the link to the full hearing (1:30:00) https://www.aph.gov.au/News_and_Events/Watch_Read_Listen/ParlView/video/2174307

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

The Grinch Who Stole Cash: With Robbie Barwick…

A final 2023 chat with Robbie Barwick from the Australian Citizens Party. We look at the RBA’s latest outing on cash usage, the Senate review of the RBA’s independence bill, and the formation of a National Investment entity.

On 7 December 2023, the Senate referred the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 [Provisions] to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.

The critical issue is that the Treasurer is walking back Government’s power to intervene with RBA decisions if they do not agree. This power was put into the constitution years ago but has never been used.

Without it, the Technocrats will be able to take over, and follow the lead of the Bank For International settlements, to the potential disadvantage of ordinary Australians and businesses.

Make a submission to make the case for this power to be retained! The closing date for submissions to this inquiry is 2 February 2024.

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/TLABRBAReform2024

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
The Grinch Who Stole Cash: With Robbie Barwick...
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How To Stop The Technocrats From Taking Over…

On 7 December 2023, the Senate referred the Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 [Provisions] to the Senate Economics Legislation Committee for inquiry and report by 21 March 2024.

The critical issue is that the Treasurer is walking back Government’s power to intervene with RBA decisions if they do not agree. This power was put into the constitution years ago but has never been used.

Without it, the Technocrats will be able to take over, and follow the lead of the Bank For International settlements, to the potential disadvantage of ordinary Australians and businesses.

Make a submission to make the case for this power to be retained! The closing date for submissions to this inquiry is 2 February 2024.

https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/TLABRBAReform2024

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
How To Stop The Technocrats From Taking Over...
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A Significant Year Of Breakthroughs… With Robbie Barwick!

I caught up with Robbie Barwick from the Australian Citizens Party to review the recent hearings into Regional Bank Branch closures, and more broadly about the progress made this year.

We look at the underlying issues which have been brought to the surface through the inquiry, and consider what happens next.

And here is the link to the paper which was discussed in the hearings: https://citizensparty.org.au/sites/default/files/2022-06/aust-hamiltonian-credit.pdf

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
A Significant Year Of Breakthroughs... With Robbie Barwick!
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Many Banks Are Torpedoing Small Businesses!

More evidence from the Senate last week, concerning the impact of bank branch closures. The Small Business Ombudsman calls out what is wrong with the current system, and why small business is being degraded. He makes a strong case for significant change!

This is the fourth segment following the recent hearings in Canberra in the Senate Rural and Regional Affairs and Transport References Committee, on Friday 1st December 2023 and relating to bank branch closures.

https://www.aph.gov.au/News_and_Events/Watch_Read_Listen/ParlView/video/1960695

More to come from these important hearings, which broadened the discussion into issues of policy and strategy.

http://www.martinnorth.com/

Go to the Walk The World Universe at https://walktheworld.com.au/

Digital Finance Analytics (DFA) Blog
Digital Finance Analytics (DFA) Blog
Many Banks Are Torpedoing Small Businesses!
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