A na­tional bank

Gatton Star - - Opinion -

PM TURN­BULL is plan­ning to bor­row money to fund in­fras­truc­ture such as roads and other projects.

The re­cently elected “jacka­roo” PM Trudeau of Canada is plan­ning to run up their deficit too, and splurge on in­fras­truc­ture spend­ing. Maybe they have been yakking to each other.

Aus­tralia’s PM has taken a swipe at the ma­jor banks for rais­ing home mort­gage rates. I bet Malcolm would love to tell the banks to keep the rates as they were, but they would just tell him to take a hike. PM Malcolm can’t leg­is­late for lower rates, but what he could do is to re-in­vent the Com­mon­wealth Bank – you know, the one former PM Keat­ing sold off. The new bank, be­ing owned and run by the Fed­eral Gov­ern­ment, would be able to lend money for any project at rates the gov­ern­ment de­cided, and those rates, be­ing lower than the com­mer­cial banks, would force the other banks to lower their rates or go out of busi­ness.

Such a move by PM Malcolm would cause old King O’Mal­ley to smile be­nignly from the heav­ens. Then that young­ster PM Trudeau, in far-off Canada, might get the same idea. Jay Nauss, Glen Aplin

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