Issue 2009 July 25
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BANKING: Six economists renew call for a ‘people’s bank’
Over the past eight years, former ANZ bank chief Will Bailey has repeatedly called for a new government-backed development bank and for a review of Australia’s banking system.He argued that a new government-backed bank was needed as financial deregulation had failed to protect some “highly valuable specialist institutions” like the former Commonwealth Development Bank and the Primary Industry Bank. New privately-owned community banks…
