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Changes to Reserve Bank and Banking Acts

Proposed changes to the acts noted in the heading are astounding in their breadth and likely impact. They also represent a massive lost opportunity. The sort of opportunity we might take if we had a Labor Government working in the public interest as a Curtin / Chifley government had once done. Men like this ran a Labor Party that protected the public against financial overreach. Today, Labor sees its responsibilities quite differently.

Contact Your Local Member

After reading my submission, I hope you will take action and contact your local member. If you live in the Blue Mountains, your local representative is Susan Templeman.
Phone: (02) 4573 8222
Email: Susan.Templeman.MP@aph.gov.au

What follows is my submission to Susan Templeman, expressing my opposition to changes to the Reserve Bank Act (1959) and the Banking Act (1959). These are the result of a Reserve Bank review. You can find the original document here.

My Submission:

22nd November 2023

ATTENTION: Federal Member for Macquarie, Ms Susan Templeman
I am writing to express my unequivocal opposition to Recommendation 1 and its sub-clauses recorded in the document titled:
RBA Review – An RBA Fit for the Future (see p17).

My reasons follow:

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KFR 25th May 2019

SUPER FUND RESTRUCTURE
The great news is that with the election out of the way we can clear up some of those nasty super funds with their fees for no service. Where to start? Surprisingly, despite the Finance and Banking Royal Commission’s general approval of the union funds’ stewardship, that is where our restored Federal Government has its sights. Plans are to “liberalise” appointments to industry boards. Only friends and family need apply.

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An age of plenty

Where does money come from is a question for our times

Where does money come from?
I can’t think of a more important or confusing question. When we run short of something in our daily lives we normally do something about it. Whether we are short of carrots, cars, computers or crayons we don’t have to think too hard about what to do. We go to the dealer, supermarket or art supply shop and get what we need.

The truth is that in this age of plenty we rarely run short of anything. We might lack one of these items as individuals. Not everyone has a car or computer. However, society rarely if ever runs out of anything. Our supermarkets are always stocked with food. A variety of stores provide just about anything we need. The one thing we are short of, as a society, is money. So why don’t we figure out where it comes from and do something about it?

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