Public bank & insurance office
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Public Bank
The People First Party 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 bank will also offer longer term fixed rate home loans of up to 25 years so that homeowners don’t have to worry about changing interest rates.
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 business 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.
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.
Government Insurance Office
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.
We can’t solve the cost of living crisis and housing crisis without solving the insurance crisis.
The People First Party advocates to bring back a Government Insurance Office that also includes Health insurance.
With cheaper insurance we aim to insure all Australians so they are secure in knowing they are safe if something goes wrong.
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.
Help us fight for this policy.
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If you wish to make a direct bank payment please email us at treasurer@peoplefirstparty.au and we will provide our bank account details.
Notes:
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- For the 2024–2025 financial year, the donation threshold is $16,900. This means that if an individual or entity donates $16,900 or more to a political party during a financial year, the donation must be disclosed to the Australian Electoral Commission (AEC).