June 20, 2014 - WikiLeaks sourced documents report on the Governments plans banking - Leaked docs reveal financial deregulation. Not so unusually, secret trade talks, but without mention yet to Parliament, are being held by Prime Minister Tony Abbott further deregulate the nations banking and finance sectors. WikiLeaks cables describe that foreign banks will get full swing access to the Australian market. Financial information, including local bank accounts could be tranferred overseas. The credit and lending markets would be opened up globally despite the credit crises more and more Australians find themselves in, savings will be once and for all a thing of the past, and carrying debt a permanent lived experience. Financial and information technology workers from anywhere around the world would be able to flood the workforce under proposals being discussed by Australian trade negotiators. Now AAP and Fairfax report that Trade Minister Andrew Robb has dismissed warnings that the proposed changes could harm Australias ability to deal with future financial crises independently He said the Trade in Services Agreement (TiSA) negotiations are a key focus, a protection check entwined in Government policy. Mr Robb has not rejected the WikiLeaks cables and instead said the Governments policy-making is to open as many doors as possible to encourage the nations financial sector to export its services. Financial services are a key part of the negotiations for us, given the strength of our sector in areas including banking and wealth management, particularly in the major, growing markets of Asia, Mr Rob told Fairfax media. The report says 50 World Trade Organisation members are involved in the TiSA negotiations.
Posted on: Thu, 19 Jun 2014 20:52:34 +0000
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