RBA for Dummies
- Thread starter Shlomo Goldberg
- Start date
And the Federal Treasurer likes the idea of removing the only oversight of the RBA from Govt eg whilst never used, the Federal Treasurer has under law the ability to over-ride the RBA Governor and Board...but Dr Jim likes the idea of making the RBA truly independent and not accountable to anyone...kinda like the US Fed.......that works well.
A look back in time may suggest a divergence in Labor policy. A rotting carcass that bears no resemblance to the party that once represented the aspirations of working people.
Extract from: Labor and the Commonwealth Bank. The Westralian Worker, 22 October 1937
There is only one illustration in Australia ? and probably the only one in the world ? of a Government giving away its right to determine the policy of a community-owned concern. That illustration is the Commonwealth Bank.
The donation of super-power was made by the Bruce-Page Government in 1924. As the result of it, an outside group is endowed with the prerogatives of government. It is endowed with dictatorial power that can defy the elected representatives of the people who own the bank and can frame and enforce a policy contrary to that of the elected government.
The super-power of the Commonwealth Bank Board is not based on any business principle . No elected directors of a private company would tolerate a veto being placed on its actions and on the majority decision of shareholders by a non-elected authority ? responsible to nobody.
The super-power of the Bank Board is not based on any principle of democracy because democracy is an affirmation ? within the Constitution ? that the elected Government shall be supreme and responsible for the proper conduct of all public-owned services.
Labor?s Policy is born of the multitude?s suffering: Long has been the struggle towards the people?s release. Only in the hands of the workers lies their own salvation: When opportunity presents, it is their condemnation if they fail to grasp it....
John Curtin Prime Ministerial Library. Records of Tom Fitzgerald. Labor and the Commonwealth Bank. The Westralian Worker, 22 October 1937. JCPML00653/226/42.
Extract from: Labor and the Commonwealth Bank. The Westralian Worker, 22 October 1937
There is only one illustration in Australia ? and probably the only one in the world ? of a Government giving away its right to determine the policy of a community-owned concern. That illustration is the Commonwealth Bank.
The donation of super-power was made by the Bruce-Page Government in 1924. As the result of it, an outside group is endowed with the prerogatives of government. It is endowed with dictatorial power that can defy the elected representatives of the people who own the bank and can frame and enforce a policy contrary to that of the elected government.
The super-power of the Commonwealth Bank Board is not based on any business principle . No elected directors of a private company would tolerate a veto being placed on its actions and on the majority decision of shareholders by a non-elected authority ? responsible to nobody.
The super-power of the Bank Board is not based on any principle of democracy because democracy is an affirmation ? within the Constitution ? that the elected Government shall be supreme and responsible for the proper conduct of all public-owned services.
Labor?s Policy is born of the multitude?s suffering: Long has been the struggle towards the people?s release. Only in the hands of the workers lies their own salvation: When opportunity presents, it is their condemnation if they fail to grasp it....
John Curtin Prime Ministerial Library. Records of Tom Fitzgerald. Labor and the Commonwealth Bank. The Westralian Worker, 22 October 1937. JCPML00653/226/42.
While it was declared that when there is a conflict of opinion every effort should be made to reconcile the views of the Government and the Bank Board, it was none the less made clear that the Commission considered that if this is not possible then the views of the Government should prevail.
A good read IMO.
https://electionspeeches.moadoph.gov.au/speeches/1937-john-curtin
A good read IMO.
https://electionspeeches.moadoph.gov.au/speeches/1937-john-curtin
Oddjob said:
Chalmers is way out of his depth, akin to a man lost at sea drinking sea water to survive.
He thought a stupid grin & lots of nodding would suffice & in fairness he was only replacing the trillion dollar budget man Fraudenberg. Well Fraudy was sharp enough to piss off before the smoke cleared & poor old hapless dumbo has been left holding the bag. I wonder how long before he leaves "to spend more time with family", but I suspect he's too clueless for that option too.