Page 3568 - Week 12 - Thursday, 20 September 1990
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Ms Maher: Shame! A lazy Opposition.
MR BERRY: I had agreed that there should be no debate on this matter. I would expect that the members opposite would avoid the temptation to interject; otherwise debate will start. Let the fun begin.
Question resolved in the affirmative.
SMALL BUSINESS
Discussion of Matter of Public Importance
MR SPEAKER: I have received a letter from Mr Stevenson proposing that a matter of public importance be submitted to the Assembly for discussion, namely:
In view of the severe financial hardship and frequent closures being suffered by small business in Canberra due to extremely high interest rates being imposed by the trading banks, are business operators being prevented by any removable banking or financial circumstance, factor, law, or condition from enjoying the benefits of low interest rates?
MR STEVENSON (3.34): Mr Speaker, there are removable banking and financial circumstances, factors and conditions that prevent the people of the Commonwealth of Australia and the ACT from enjoying the benefits of low interest rates. The authorities tell us that this is so. In the Bank of New South Wales Review of 27 October 1978, under the heading "Sources of Money" in the article on economics, at the beginning of paragraph 5, it is stated thus:
Today in Australia, as in most other modern economies, all money is a debt of the banking system.
In the National Australia Bank Monthly Summary for October 1986, the bank states, in paragraph 5:
The development of the new global economy demands a fundamental realignment of policy-making power, away from national governments to some as yet undefined institutional order, where the traditional nation-state plays a more subordinate role.
This shows that the thinking of the bankers is that they must have control of the monetary system. The authorities tell us that bankers create money, create credit, out of thin air. Dr H.C. "Nugget" Coombs, former Governor of the Commonwealth Bank, later the Reserve Bank, and financial adviser to every Federal government from Chifley to Whitlam, stated:
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