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Bail-In 2017

On February 14 2018, the Federal Parliament passed the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017, which gives the Australian Prudential Regulation Authority (APRA) extraordinary powers during a financial crisis, including the possibility to confiscate deposits in order to rescue collapsing banks ("bail-in"). The Bill was examined by the Senate Economics Legislation committee, after great pressure on MPs from our mobilisation. The Bill became an Act on Monday 5 March when it was given Royal Assent.

Read the Senate Committee's Report
Read the CEC's submission to the Committee
Follow the Committee's Inquiry
Follow the debate about this Bill in Parliament

20 November 2018 UPDATE: Government senator confirms APRA law is ‘bail-in’—amend it to exclude deposits!

VIDEO: More On Deposit Bail-In - What Can We Do To Progress The Conversation?
Martin North from Digital Finance Analytics discusses our campaign to amend the 'bail-in' law, with Robert Barwick

What you can do

Join the campaign to break up the banks before the next financial crash, by forcing the Parliament to enact Glass-Steagall separation of commercial banking and investment banking, followed by the establishment of a new national bank to direct government credit to farming, manufacturing, science, technology and large-scale fast-rail, water projects, power plants, the infrastructure Australia needs.

Previous Updates & Further Details

Saturday, 10 March 2018:

Greens finance spokesman shows his banker colours
The CEC's fight against bail-in continues to get attention, such as in this good article in Byron Bay's independent newspaper, the Echo Net Daily. In it Greens Senator Peter Whish-Wilson is rudely dismissive of the CEC's concerns, as if they are illegitimate because we are a political party. Yet his only counter to what we say about the broad language of the law is we need to "trust" APRA.

Whish-Wilson is a fraud: the week he helped to rush the law through the Senate, he refused to meet with former APRA principal researcher Dr Wilson Sy, who would have told him, from firsthand experience, why he shouldn't trust APRA. The Greens' banker-senator didn't have to believe Dr Sy, but he should have heard what he had to say. Instead, he refused.

At the end of the day, Whish-Wilson sided with his fellow bankers in the Liberal Party and the banks' accomplices in APRA to wave through sweeping powers for APRA to prop up the gambling debts of banks with the savings of Australians. This definitely includes the savings unsuspecting mums and dads have invested in so-called hybrid securities, and possibly the savings in normal deposit accounts, because they rushed the law through before One Nation senators could move their amendment to explicitly exclude deposits from the law.

Spread the word—display our posters!

Thursday, 1 March 2018:
Pauline Hanson questions APRA Chairman Wayne Byres on deposits at Senate Estimates

Senator Pauline Hanson asked APRA Chairman Wayne Byres about the APRA bail-in Bill and the issue of deposits at today's Senate Estimates hearing in Parliament House.
Senate Economics Legislation Committee Chair Senator Jane Hume tried to interject and said that these are questions from the Citizens Electoral Council. Watch the video, Byres' opening remarks start at 11:31.10, Pauline Hanson’s questions start at 12:15:27
Read more in The great bail-in cover-up underway

CEC waking up Australians on the streets about the APRA bail-in Bill
The fallout from the passage of the APRA bail-in Bill is everywhere. CEC organisers on the streets are receiving a great response. People are sharing their experiences. Look out for this sign! Contact us on 1800 636 432 if you want to join us on the streets.

Keep reading for more background on the APRA legislation.

Previous media releases

The great bail-in cover-up underway
8th of March 2018

CEC’s response to Treasurer’s ‘talking points’ on passage of APRA bail-in law
22nd of February 2018

Government sneaks through APRA ‘bail-in’ law, but fuels anti-bank revolt
16th of February 2018

The fix is in! Labor colluding with Liberals on APRA bail-in powers
13th of February 2018

If Australia’s financial system is ‘unquestionably strong’, why the need for ‘crisis resolution’ powers?
12th of February 2018

Treasury forced to answer CEC and experts on bail-in bill
8th of February 2018

US stock market part of ‘everything bubble’ that is set to blow—Glass-Steagall now!
6th of February 2018

ASIC report more proof Australia needs Glass-Steagall banking separation
1st of February 2018

Warning to MPs: More than 1,000 submissions to Senate inquiry prove Australians despise ‘bail-in’
30th of January 2018

Demand the Senate committee hold public hearings on the APRA ‘bail-in’ bill
22nd of January 2018

Australian banks in path of mortgage tsunami
19th of January 2018

APRA update: Think your bank deposits are guaranteed? Think again!
9th of January 2018

Like Australia, India under pressure to pass bank ‘bail-in’ law
20th of December 2017

APRA is the ‘monster that protects the banks’
13th of December 2017

The Big Lie exposed! Australian financial system under APRA almost wiped out in 2008 GFC
7th of December 2017

CEC of Australia at epicentre of fight to block dictatorial powers for global megabanks’ “regulators”
4th of December 2017

Turnbull caves in to demands for banking royal commission, but orders it not to investigate APRA
1st of December 2017

Europe to extend ‘bail-in’ to guaranteed deposits—don’t give crisis powers to banking technocrats!
29th of November 2017

Tell Parliament today: don’t let APRA steal our savings, break up the banks instead!
24th of November 2017

Success! APRA ‘bail-in’ bill referred for parliamentary scrutiny—have your say!
21st of November 2017

APRA ‘protects’ banks; time for bank regulation that protects people
15th of November 2017

Questions MPs must ask before they vote on the APRA crisis management—‘bail-in’—bill
8th of November 2017

Bail-in bonds ‘a ticking time bomb’
3rd of November 2017

Collapse of APRA’s property bubble has started—Glass-Steagall now!
2nd of November 2017

One month to stop APRA bank bail-in law
31st of October 2017

Stop Morrison rushing through emergency powers for APRA. Tell your MP: replace APRA with Glass-Steagall, national bank
19th of October 2017

New CEC petition: Global crash coming—Australia needs Glass-Steagall and a National Bank
13th of October 2017

Don’t let Treasury bureaucrats fob off calls for Glass-Steagall
14th of September 2017

Tell your MP: dictatorial powers for APRA will not prevent a banking crisis—go with Glass-Steagall now!
12th of September 2017

Four days to have your say on banking ‘crisis management’ bill vs. Glass-Steagall
5th of September 2017

Tell the Treasury: Don’t ‘manage’ the banking crisis, avert it—pass Glass-Steagall now!
22nd of August 2017

Europe contemplates freezing bank accounts—Glass-Steagall urgent!
3rd of August 2017

CEC's campaign against bail-in powers, 2013-2016

The evidence of a bail-in law planned for Australia

Warning, Hybrid Bail-In Bonds

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