THE key to saving the nation’s economy lies in a complete overhaul of banks, according to the Citizens Electoral Council.
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The party has fielded a candidate for Hume in Taralga sheep farmer Lindsay Cosgrove. It’s Mr Cosgrove’s second stint as a political hopeful, first campaigning for Hume in 2013.
While his policies focus more on the nation, rather than Hume, Mr Cosgrove said flow-on effects from the CEC’s vision for the future would impact the area.
In his view, everything starts and ends with banks. The CEC is vocal in its opposition to “bail-in” laws and wants to see a government-owned national bank reinstated like days of old.
“This Commonwealth Bank I speak about, it’s not something I’ve imagined, there’s a history book on it,” Mr Cosgrove said.
“I’m not talking about the privatised shemozzle you’ve got today. (The original Commonwealth Bank) has done some incredible things. They bought the wool and wheat clip during the First World War, they extended credit to the growers, paid all the army’s wages and bought a fleet of ships. They did a whole range of things that you could never do with a private bank.”
If elected, Mr Cosgrove said he would call for the Glass-Steagall legislation to be introduced. Effectively, this would separate the functions of a bank from one institution covering all bases to separate banks for savings, investment, merchants and loans.
If this were the case, and a government bank brought in, Mr Cosgrove said innovative nation-building projects like the Very Fast Train and large-scale water projects would be a reality.
This would have flow on effects to employment rates, industry and refugee intake.
A prime example of this is the Snowy Hydro Scheme, he said.
A project known as ‘The Bradfield Scheme’ is high on his agenda.
“JJ Bradfield designed the Sydney Harbour Bridge, and the underground railway in Sydney, and was a brilliant engineer,” he said.
“He went up (to north QLD) and wanted to develop the interior of Australia… to get water down.
“All that water from there - up around Mackay, Innisfail, Townsville and Cairns - there’s a massive amount that all runs out to sea. Put a tunnel under the range and head it down inland. It would make a huge difference.”
He listed the Very Fast Train as a project that would have direct benefits to Hume.
The CEC support an Australian fast “ring rail” system, designed by King O’Mally, to connect every major city and open up the red centre.
The health system, housing affordability, NBN and Gonski could all be fully funded by a government bank, he said.
“(The NBN) is a good idea. I think it could be improved. You would have to finance that with the commonwealth bank as well. It should be optical fibre right through. It’s holding a lot of things back.
“We would fully fund Gonski. But, once again you go back to the old Commonwealth Bank… It is the key and the true function of a national bank is it works for the nation and that nation isn’t a slave to the banks.”
On renewable energy, Mr Cosgrove said he was a big believer in the opportunities for nuclear energy, questioning the efficiency of wind farms to generate enough electricity to meet demand.
On same sex marriage, he said he would “tolerate it.” On climate change, he isn’t a believer.
“When the frosts stop here, I’ll say yes,” he said.
