Monetary Policy

Introduce an Infrastructure Bank

Government Infrastructure Bonds will be used to fund the Construction of Sovereign Assets through an Infrastructure Bank.

Introduce an Infrastructure Bank to be managed by the RBA in conjunction with Treasury. The Bank will issue bonds to either the federal or state government for seven infrastructure assets. These are dams, baseload power stations and transmission lines, road, rail, ports, airports, and telecommunications.

Monetary policy is not being used effectively in Australia. As a result, there is a chronic underinvestment in infrastructure. Infrastructure can drive productivity and provides essential services. Australia’s monetary policy solely relies on qualitative easing which is insufficient to deal with underlying economic structural issues. The RBA should also use quantitative easing in the form of infrastructure bonds to finance infrastructure that is vital to Australia’s economic and sovereign security. Unlike qualitative easing which predominantly impacts demand, the use of infrastructure bonds increases the supply of goods and services without having to use foreign debt.

Restore a Public Retail Bank & Insurance Office

People First are calling on the reinstatement of a public bank, similar to the old Commonwealth Bank. A public bank will ensure that bank branches stay open, so people can access essential banking services.

The last three decades have seen rapid decline in the number of bank branches, particularly in the regions. This has had a detrimental impact on many small towns as businesses and residents must travel large distances to access banking services.

While the internet has enabled some services to be conducted online, not all services can be performed online. Furthermore, some regions cannot access the internet. Many of my constituents, especially retirees, are uncomfortable using online banking due to scam concerns. The People First Party believes banking is an essential service and that a public bank be run by the government to ensure universal banking for all.

Banking services could be provided in existing post offices using the payment systems of the RBA.

The Australian Government sold the Commonwealth Bank for $8 billion in the 1990’s, and now it makes $10 billion a year. Banks are closing thousands of branches, leaving people unable to access proper banking services. 

We are now seeing banks charge fees for those who want to withdraw and deposit cash.

State Governments sold their Insurance Offices in the 1990’s. This has resulted in less competition and rapidly escalating Insurance costs leaving people without affordable Insurance. 

People First will advocate to reintroduce a Public Bank and Government Insurance Office so that Australians can access affordable financial services which like health and education are essential services. 

Repatriate Australia’s Gold from the Bank of England

Australia’s gold needs to be secured in Australia.

The RBA has never been able to explain why it is necessary to store Australia’s gold with the Bank of England. There are serious concerns about the security of Australia’s gold given audit reports into Australia’s gold holdings are not fully disclosed. These concerns have been further exacerbated by the RBA releasing documents stating that the Bank of England has detected the presence of fake gold bars and duplicate serial numbers amongst their gold holdings. There are also genuine concerns about the leasing of Australia’s gold holdings, which acts against the interests of Australia’s gold producers who contribute tens of billions in exports and employ thousands of people.