Leaked WikiLeaks documents reveal the Abbott government is pressing ahead with secret trade negotiations aimed at bringing about radical deregulation of Australia's banking and finance sector.
Highly sensitive details of the Trade in Services Agreement (TiSA) negotiations, obtained by The Age, show Australian trade negotiators are working on a financial services agenda that could end the Australian government's ''four pillars'' banking policy and allow foreign banks much greater freedom to operate in Australia. It could also see Australians' bank account and financial data freely transferred overseas, and allow an influx of foreign financial and information technology workers.
Experts warn the proposed changes could undermine Australia's capacity to independently respond to and weather any future global financial crisis.Read on. This is actually even worse than I had imagined.
But Trade Minister Andrew Robb says the TiSA negotiations are a ''key focus'' in his policy to ''open as many doors as possible'' for Australian financial services exports.
The kicker.
Dr Ranald pointed out that the TiSA negotiations are taking place outside of the World Trade Organisation and are not subject to WTO transparency practice in which draft texts have been released for public discussion. ''This document moves in the opposite direction, stating on the front page that it must remain secret for five years,'' Dr Ranald said.This is tyranny, not democratic governance. It is global corporate statism aka fascism, which is soft until it is hard. It's the mob in legitimized power.
Sunday Morning Herald (AU)
Secret deal: bank free-for-all
Philip Dorling
(h/t Dan Lynch)
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