Federal Labor has signalled support for increasing competition across the banking and financial sector after a new union-commissioned report backed the conversion of Australia Post into a government-owned bank.
The idea of turning Australia Post, which is facing enormous financial pressure on its traditional letter-carrying operations, into a bank has been discussed by governments for several decades. It argued the banking royal commission had exposed the lack of basic financial services to many parts of the country, saying PostBank could ensure the continuation of services to remote and regional areas.infrastructure footprint of Australia Post outlets nationwide, provide banking services to Australians who are currently under-serviced by the existing banking sector," it found.
"We do need to be looking for ways to make the banking system more competitive": Shadow treasurer Jim Chalmers.Under Per Capita's proposal, the new bank would first offer basic savings and transaction accounts, then credit cards and personal loans, then mortgages for owner-occupiers and investors. Finally, it would offer commercial lending with an initial focus on agricultural and regional lending.
swrighteconomy gawd Jim JEChalmers I hope NOT. australia post cant even deliver mail properly. But like a bank their “leaders” are on whopping salaries so almost there.
swrighteconomy have to get into gov't first ! LNP want to get rid of public broadcasters !
swrighteconomy banking would not make extra money as most PO have been privatized
swrighteconomy How is that going to help competition?
swrighteconomy About bloody time!
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