Late yesterday afternoon, the Senate Economics Legislation Committee released its report on the Banking Amendment (Deposits) Bill 2020!
This proposed legislation would prevent the FORCED CONFISCATION of retail bank deposits!
However, the committee REJECTED..
the legislation calling it UNNECESSARY!
The Committee allowed the Treasury & APRA to make a series of partial misleading statements without the chance for CROSS EXAMINATION via a holding a public hearing or allowing supplementary submissions.
This was a COMPLETE WHITEWASH!
The bottom line is that:
- Australia has signed up to a global bail-in framework via the G20
- other governments such as USA, NZ & the EU have made clear that deposits can be BAILED-IN
- Australia’s law is at best unclear & the Govt refuses to make changes to CLARIFY THE LAW!