Category Archives: KAP
The federal Member for Kennedy Bob Katter on June 25 introduced a private member’s bill into the Australian Parliament to protect the economy and bank customers from dangerous financial speculation and predatory banking.
The Banking System Reform (Separation of Banks) Bill 2018 is based on the USA’s successful Glass-Steagall Act. It will separate Australia’s commercial banks, which hold deposits, from risky investment banking, as well as other financial services that Australia’s banks have acquired in recent decades, including insurance, superannuation, wealth management, and stock broking.
The ongoing Financial Services Royal Commission, which Bob Katter led the political fight to establish, has laid bare the predatory banking practices that the bill will end. The revelations from the royal commission have been so dramatic that it has attracted global attention, and kindled fear in the City of London that Australia’s inquiry could lead to a renewed push to break up Britain’s too-big-to-fail banks.
Katter excoriated Australian banking in a passionate speech introducing his bill. “The situation in Australia is ugly and it is evil”, he said, “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.’”
Aside from the conflicts of interests in banking, Katter’s chief concern in moving Glass-Steagall is for the looming financial crisis arising from the banks’ speculation in real estate and derivatives. He identified the reckless speculation threatening the financial system today was also the cause of the 1929 crash, which led to the passage of the Glass-Steagall Act in 1933.
“What we’re talking about here is derivatives: when you don’t buy a loaf of bread; you buy a contract to buy a loaf of bread”, he said. “That is what we call a derivative.
“Glass-Steagall came in and it overcame the vast bulk of those problems so that the American economy ran fairly effectively, making it three, four, five times the size of any other economy on earth, until Mr Bill Clinton, ‘Mr Free Markets’ himself. … In 1999, he abolished the Glass-Steagall Act. Within two years, the dot-com collapse occurred, taking down trillions of dollars of savings, superannuation and retirement moneys of Americans and the rest of the world, and in 2008, as we’re all familiar with, came the GFC.
“Clearly, that timeline indicates the necessity for Glass-Steagall legislation in this place.”
The most immediate danger for Australia, Katter emphasised, is from the bubble in the real estate market.
“The housing boom in Australia today—does anyone seriously think that we are not sitting on the brink of disaster?” he warned. “A quarter of Australia’s population, maybe a third, live in Newcastle, Sydney and Wollongong. The average price of a house is over $800,000. That means that 50 per cent of the houses are over that value. Yet the average income for an Australian after tax is about 50 grand a year [$50,000]. So how are they going to make the repayments on a house? And yet they’re buying houses. The banks are financing them. The banks make money when you go broke and they sell the house out from under you. They don’t lose money; they make money out of what has occurred. They should be held responsible.
“I would love to be in a business that is guaranteed by the government”, he continued. “If I buy a corner store and I know that, if I go broke, the government’s going to give me the money, everyone will be buying corner stores in Australia. They are given this, but there is no responsibility placed upon their shoulders to act in a prudential manner.”
Katter singled out the team of people responsible for organising the bill, including Robert Barwick, Dr Wilson Sy, and Bob Butler. Sy is the former principal researcher at bank regulator APRA (Australian Prudential Regulation Authority). Barwick and Butler are representatives of the Citizens Electoral Council, which has led a nine-year campaign to get Glass-Steagall legislation enacted in Australia.
It is significant that on the same day as Bob Katter introduced his bill, Australia’s biggest bank CBA announced it was demerging from its wealth management businesses, as if to send the message that Glass-Steagall legislation is unnecessary because the banks are doing it voluntarily. On closer examination, however, CBA is not completely demerging from other services, and along with the other big banks it is continuing to speculate in dangerous derivatives and other forms of financial gambling. Only a strict Glass-Steagall law will end these practices, which is the intention of the Katter bill.
As a private member’s bill, Katter’s Separation of Banks Bill 2018 will only be debated if a majority of members of parliament agree to do so, which will require the support of one or the other major party. Ordinarily, the governing Liberal Party would be expected to protect the banks, but many Liberal politicians are shocked by the revelations of the royal commission and are concerned about a financial crash. And what about the Labor Party—will it block or delay Glass-Steagall the way it blocked the banking royal commission for six years, or return to its roots as champions of working people against the Money Power? It will be up to the Australian people to demand the major parties stop protecting the banks, and allow a debate and vote on Glass-Steagall.
04 June 2018: Katter’s Australian Party (KAP) today welcomed Senator Fraser Anning’s announcement that he will represent regional Queenslanders under the KAP banner in the Senate. Federal KAP leader Bob Katter and Senator Anning made the announcement during a story that aired on the ABC’s 7:30 program on Monday night.
Bob Katter, KAP Leader and Federal Member for Kennedy said his affiliation with the Senator spans generations.
“It’s fantastic news. We’re tribal, both our families were from Charters Towers before there was a Charters Towers. I have known Fraser a long time.
“Fraser is about development. I walked into his office and he was working on the revised Bradfield Scheme; so we were instantly blood brothers.
“We are both patriotic and know that if the country keeps bringing in 643,000 visa entrants then we will be bankrupt and there will be no jobs for Australians. It will push people onto welfare and we need to be able to support our retirees.”
Senator Anning has been a staunch advocate for regional Queensland in the Senate since his appointment in November 2017. Senator Anning says the KAP’s vision for Queensland and Australia aligns perfectly with his own and the decision came down to giving regional Queensland the strongest voice.
”KAP represents the traditional Australian values, commitment to infrastructure development and balanced, fiscally responsible government that I have supported since being sworn in.”
“I have known Bob for almost 40 years and we have a lot in common both personally and politically. Bob is the last cabinet minister from Sir Joh’s government still in office and founded KAP to carry on the late, Sir Joh’s legacy. As an old time National, KAP was the obvious home for me.
“Thirty years after the end of the Joh era, Queensland is in terrible shape. For thirty years there has been no real infrastructure investment other than Labor vanity projects in the South East corner.”
“As a Queensland Senator I am keen to fight and campaign for federal funds to allow for balanced development throughout the state and to ensure that crazy left-wing policies are stopped or reversed. KAP share this vision and have continue to work hard for regional Queenslanders.”
In the last Queensland Parliament for example, KAP prevented the livelihood-killing extreme Green Vegetation Management Laws being passed.”
“Coming on board with KAP, I will continue the hard work that Bob, Robbie, Shane and Nick already do in making sure that regional and rural Queenslanders get a fair go.”
“When regional Queensland prospers so does the whole state.”
The KAP has a proud history of uncompromising commitment to regional Australia. Party President Shane Paulger says Senator Anning’s decision to join the KAP is a reflection of the Party’s integrity and stability.
“As a Party, we’ve walked the hard road to earn our reputation for putting regional Australia first. Fraser’s decision to join KAP goes beyond an alignment of policy objectives; it reflects the effort of all our members and staff who have built a stable organisation on shared values and principles.
“Having Fraser on board is recognition of the Party’s integrity and it undoubtedly strengthens our position as the true advocates for regional Australia”
State KAP leader and member for Traeger Robbie Katter, says KAP has been able to strengthen its position in regional Queensland after years of neglect and broken promises by other parties. He welcomes Senator Anning and says it is a huge step forward for the Party.
“Regional Queenslanders have very little reason to trust major parties. They’ve been completely duplicitous in their representation and they’ve continually shown that they put regional Queenslanders behind people in the South East.
“The National Party no longer exists after being subsumed by the Libs and there’s no difference between Labor and the Greens. The KAP wants to expand its parliamentary representation to people across all of regional Queensland, and with Fraser coming on board it is a huge step toward that.”
KAP will continue to uphold traditional Australian values and pursue significant reforms that favour all Queenslanders.
KAP will ensure that the regional centres that drive the state receive the critically needed investment in transport, water and energy infrastructure that they have missed out on for so long.
When regional and rural Queensland prospers, so does the whole state.
by Gil Hanrahan, editor-at-large
Queensland farmers want to stick to their guns but the Labor infested public service has refused several hundred handgun licence renewals over the past 18 months causing many cases of animal cruelty.
Farmers need handguns, which have been a part of their tools-of-trade since the first sheep and cattle were offloaded at Botany Bay in 1788.
But the socialist Queensland Labor Party is denying them a licence to carry one even if a farmer has been licenced for 20 or more years without incident or a change in circumstances.
Should a farmer find a cow with a dead calf stuck in its uterus while giving birth and the cow is on its last gasp after the crows have pecked out its eyes and those of the calf, he has no option but to kill the cow. How? He is 20 klms from the house and the nearest rifle because he is on a horse or motorbike.
He could cut the cow’s throat with a pocket knife, that is if he is still allowed to carry one.
The LNP Opposition in 2011 helped outlaw pocket knives by voting with the ALP to ban them. Agforce was dead quiet about this one.
Once a farmer would take his revolver out of its holster and shoot the cow, being the most humane thing to do while appeasing the brain-dead Animals Australia and the RSPCA both of which refuse to provide midwives for Brahman cows.
There are a number of alternatives for hard-pressed farmers such as buying one of many anecdotal ‘hot’ handguns available on the black market or to inadvertently misplace the licenced pistol, which happens on occasion.
Katters Australia Party State leader Robbie Katter says he will step up the pressure on the Labor Party when Parliament resumes to force the ALP Marxists to instruct the Weapons Branch to renew all licences for farmers.Police Minister Comrade Ryan like his predecessor Captain Bill Byrne has a generational hatred of farmers as this new parliament will reveal.
There is palpable union and Labor animosity towards those on the land producing clean and green food for Queenslanders, which unfortunately includes the Labor Party. Agriculture will be in for a torrid time unless the KAP cross-bench can hold them at bay.
The ALP is skating on climate-changing, thin ice even though it has a two seat majority, thanks to an abundance of vote fraud and the ethnic welfare vote. Before the new parliament sits, the Member for Mulgrave and former Treasurer Curtis Pitt is about to be hauled before the powerful Ethics Committee after the LNP alleged he misled the last parliament by pushing through a sweetheart deal for the Tram and Bus Union. Pitt’s fate is up in the air.
Another alternative is for farmers to launch a Federal Court class action to lay bare the unlawful Australia Act 1986 and the alterations to the Queensland Constitution in 2001 by the political miscreant, Peter Beattie without a referendum.
Has anyone noticed since 2001 how Beattie, Bligh, Newman and Palaszczuk refer to “my government’. Does anyone remember giving the ‘government’ to an individual?
Beattie removed the Queen and installed the Premier as the new head of State for the corporate, Socialist Republic of Queensland.The legal mechanism used by the malcontent Beattie can be found in the record of proceedings in the Cairns Magistrates Court: Queensland Police –v- Walter, 2016, QP1700886562 QPS.
If farmers could actually band together for the common good just for once, the Federal Court would have little alternative but to find there is no criminal law in Queensland applying to those citizens outside of the political parties, just the common law which exists across the nation.