One Nation Senator Malcolm Roberts met with the government today and received reassurance that, despite his anti bail-in bill being voted down 12-32, the loophole that allows a bail-in will be remedied.
Senator Roberts said, “The public needs to know that their savings are safe from failed banks and the vote against my bill fails to offer this assurance.”
“There is no ambiguity that our deposits are indeed at risk of being used in a bank bail-in and I assure all Australians that I am resolute in my fight for security of bank deposits.”
The anti bail-in bill closes the loophole left in previous legislation that gives Australian Prudential Regulation Authority (APRA) or the banks the power to order a bail-in of depositors’ funds in the event of bank failure.
Senator Roberts added, “Our aim is to ensure that APRA and the banks never have bail-in powers.” “This is an exceptional opportunity to restore confidence in the Australian banking sector and to attract deposits from other countries seeking more security.”
Senator Roberts said, “The public needs to know that their savings are safe from failed banks and the vote against my bill fails to offer this assurance.”
“There is no ambiguity that our deposits are indeed at risk of being used in a bank bail-in and I assure all Australians that I am resolute in my fight for security of bank deposits.”
The anti bail-in bill closes the loophole left in previous legislation that gives Australian Prudential Regulation Authority (APRA) or the banks the power to order a bail-in of depositors’ funds in the event of bank failure.
Senator Roberts added, “Our aim is to ensure that APRA and the banks never have bail-in powers.” “This is an exceptional opportunity to restore confidence in the Australian banking sector and to attract deposits from other countries seeking more security.”
100% in agreement with One Nation senator Malcolm Robert’s with the Anti-Bail- in -Law. Banks and APRA are already very dominant and forceful and are not working in the interest of the public. The people of Australia should have security of bank deposits. It is an essential human Right. Some of our governing bodies are corrupt.
Dear Senator Roberts
I would like to encourage and thank you for fighting for all Australians with your Bill.
I called all the Labor and Liberal Senators and asked them to support your Bill and I was disappointed to hear they didn’t get behind you. It is good news that the Government has said they will make the changes and I will watch to see what they do next. I am a Liberal Party member and I will continue to keep raising this issues in Liberal party meetings. The Citizens Party has also been a great help in keeping up with what’s happening.
Keep up the great work
Thanks
Alan Currie
Narre Warren South Victoria.
Thank you for the work you are doing on this vital topic.
Can you leave tell me when and how the loop hole Is going to be remedied?
Thanks in advance
A subject that apparently has not been raised – the newspapers and TV/Radio media did not (to my knowledge) report on the passing of the original legislation in February 2018, and certainly did not report on the move to repeal the bail in provision on the 30th November 2020 – why? That led to making it easy for the Liberal party and the Labor party to not support the bail in repeal – they would not apparently face any backlash from the electorate for their actions. I, personally, passed on info on the repeal of the bail in to a newspaper and a financial publishing house, at least one week before the 30th November, but they also did not publish any stories. Does this indicate that the banks had their own lobby reps talking both to the politicians and the media? Unless subjects such as the proposed ‘bail in repeal’ are brought to the attention of the general public, then it has little chance of being passed, either in the Senate or the House of Parliament.