Summary
We need serious bank reform to stop the Big Four banks gouging customers, raking in record profits, and shutting down regional branches. We can achieve this reform through a government-back Public Bank of Australia and a Mandatory Banking Code of Conduct.
Public Bank of Australia
I am fighting to establish a government-backed bank to ensure universal access to banking services utilising the existing Australia Post branch network. The bank will aim to:
- Provide affordable financial services to individuals, small businesses, and farmers and support regional and rural communities with essential banking services.
- Guarantee deposit security under full Commonwealth ownership.
- Provide basic transaction accounts, savings accounts, and deposit services as well as personal and small business lending, with a focus on regional businesses and farmers.
- Offer mortgages and credit products with competitive rates, digital banking services to complement physical access and prioritise cash accessibility to support businesses and elderly Australians.
- Invest surplus deposits into national infrastructure and economic development projects.
- Establish an independent Board of Directors with expertise in banking and public finance will oversee governance
Mandatory Banking Code of Conduct
We also need to introduce a mandatory Banking Code of Conduct that forces banks to consult with communities branch closures and explain the social and economic impacts of any closures. No more unilateral decisions that hurt locals and small businesses.
A dedicated regulator would oversee the process, making sure banks stick to the Code and ensuring that no closure happens without proper consideration and support.