KAP Leader and Federal Member for Kennedy Bob Katter says it’s time for the e “burning issues” within Australia’s banking and finance sector to be squarely addressed.
He’s calling for the establishment of a reconstruction board, so that the issues that aren’t being tackled by the Banking Royal Commission are addressed and he’s also called for the scope and duration of the inquiry to be extended.
Mr Katter says he’s long been concerned about the Commission’s watered-down terms of reference and said it might end up being a “toothless pussycat”.
“There are matters not being addressed and the current inquiry does not allow for any of these matters to be addressed. They’re going to point out the problems, but they have absolutely not the remotest understanding of how you address these problems. “
“There are no recommendations and no ability to make recommendations. The people that know what needs to be done don’t get a chance to talk and I won’t hesitate to bloody volunteer my services. “
“We’ve got to be positive and say at least we got the bloody thing there – we got something, it’s better than nothing.”
In his statement Mr Katter outlines five burning issues that he says need to be dealt with:
1) “There is no contract. When you borrow money off the bank there is no contract – you pretty much just sign a document saying they can do anything they like, and you’ve got no rights at all. That’s what you sign – that’s not a contract.
2) We need a government rural reconstruction and development bank to take over distressed rural debt and ensure the sustainability of Australia’s agriculture sector. The producer will only need to pay 2.5 % interest instead of 6.5-7.5% from the bank with a period of no repayments for a period.
3) The laws are not enforceable. There is no mechanism by which you can get redress. There needs to be a fund of money to enable people to fight the banks.
4) There is impending disaster because of overpriced housing
5) In Australia, we have recourse lending, so you become a debt slave for the rest of your life. America has non-recourse lending. In America, the bank can only get the house back; they can’t get the debt back.