On banking, superannuation & democracy by Tibor Meszaros, Western Australian Senate candidate

omar —  March 18, 2014 — Leave a comment

Banks

Instead of Banks protecting and benefiting everyday Australians, many Banks have been responsible for dashing the hopes of far too many Australians. Banks are supposed to guarantee savings – in modern society savings are the very lifeblood of families and businesses.

In 1875, then Lord Chief Justice of England said, “The issue which has swept down the centuries and which will have to be fought sooner or later is people versus the banks”. In many countries this is being played out now. In Australia class actions have been brought against the monolithic Banks, but we need those with political agency – our parliamentarians – to get behind the people.

We are yet to see this.

“Banks are the most powerful institutions in the land bar none, but in a democracy we do not have to yield before them like slaves,” once said Paul McLean.

Banks were once presumed as pillars of society but communities no longer respect them, they fear them. They were trusted for their service and advice however hundreds of thousands of Australians have been damagingly short-changed. Banks have degenerated to profit oriented purveyors of dubious ‘products’ and toxic derivatives.

The Government is watching over all this but with its eyes closed!

I have decided to fight back – and if I am elected to the Senate, I will call for a Royal Commission of our Banking systems. Ruthless Bankers need to be targeted. Bankers who deliberately abuse their privileged positions of trust are indeed abusing the people.

Superannuation

Superannuation is becoming ever the more vital in a society where the pension is being reduced in value in ever so many ways. But is superannuation a secure proposition? Superannuation is accumulated not by ‘contributions’ but from the earnings of the worker. Superannuation should be secure.

When superannuation is lost or is reduced by the transgressions of those who in the first place sought an investiture of faith from us, they have indeed lost or reduced the earnings of the worker. Tens of billions of dollars of workers’ earnings have been squandered in just the last few years, but not by the worker but by the hosts of Superfunds. No one has been held accountable. Where is the Australian Senate in demanding accountability? Where is it in demanding inquiries? Where are our Senators in calling for Senate committees to pull up Superfund hosts who have not explained the lost billions – and the dashing of the dreams and hopes, the nest eggs, of so many workers?

Superfunds have to be accountable and transgressions will only cease once Superfunds are made transparent. Without accountability and transparency those who have invested tens of thousands of hours of their lives into hour after hour after hours of work for the mere return of a wage then they and those to follow remain vulnerable. Superannuation practices must be improved so as to shore up futures and not wash them away into impoverishment.

There must be a baseline guarantee of superannuation accruals, so retirement is not plunged into an unwarranted ordeal. The public interest must be served with a public record of information from Superfund hosts that contemporaneously is withheld from the people.

Democracy

Parliaments must also be held to account, their duty is to the people as a whole and to no other interest or influence. The Senate – the House of Review – has the capacity to ensure the nation is the belonging of the people. Transparency and accountability must be the mantra of any Senator who is bent on delivering the public interest only.

In a democracy, where the people do have the right to exercise a vote, indeed we get what we deserve. But we deserve better than what we have allowed to be brought upon ourselves. The Australian democracy is in decline – the tragedy of the decline is in good part due attitudinally to our parliamentarians – our legislators.

People of uncompromising convictions and stature should be elected to the Australian Senate and to the House of Representatives who in turn will keep each other accountable. The people of Australia have had little to choose from when it comes to electing our parliamentarians – a two party system has damagingly monopolised the landscape. The Australian people have the opportunity to elect The WikiLeaks Party into the Senate and allow us to breakdown the narrow corridors of political discourse – and include the Australian people!

We do have to keep the bastards honest!

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