As the Banking Royal Commission turns its focus to the impacts and behaviours of banks in rural and remote areas today, KAP’s Bob Katter has been lighting some banking bombs in the national capital.
The KAP leader and Federal Member for Kennedy has introduced into the Federal Parliament the Banking System Reform (Separation of Banks) Bill 2018 today.
The Bill aims to separate retail commercial banking activities involving the holding of deposits, from wholesale and investment banking involving risky activities. Mr Katter hasn’t mixed his words about the need for the bill.
“The situation in Australia is ugly and it is evil, and this Legislation is needed to overcome those problems and what effectively it says is – ‘Mr Banks’ you are no longer out there in the market, in the arena buying and selling. Your job is to loan to people that buy and sell, develop and invest. You don’t do that, you judge them.”
Mr Katter has been calling for banking reform for several years, first demanding a Royal Commission be established in 2015.