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19 May 1995. Thought for the Week: "I always voted at my party's call and never thought of thinking for myself at all."
Gilbert and Sullivan, HMS Pinafore
ANOTHER KEATING JUGGLING ACT?
by Eric D. Butler
When, early in the first Hawke Government, Treasurer Paul Keating announced - following his visit to Wall Street - that he was now a supporter of banking de-regulation, John Howard correctly observed that Paul Keating was following the lead that he had given. John Howard has endorsed the programme of internationalising the Australian economy. As an individual, John Howard has much more to him than Paul Keating, but while he and his colleagues remain locked into unwavering support for finance economic orthodoxy, at best they can only offer a variation of the Keating programme.
A major feature of last week's Keating juggling act was to announce that by selling off completely the Commonwealth Bank, he was able to produce a set of figures showing that a threatened deficit had been turned into a small surplus. How did John Howard react to this juggling act? By announcing that Keating was only following his lead on the necessity for the complete privatisation of what was once known as "The People's Bank".
At long last it is starting to dawn on
a growing number of people that there is no basic difference
between the policies of the Keating Government and those of
the Opposition; that elections are phony contests about who
is best qualified to administer those programmes. The reality
of the situation has been clearly demonstrated by the nomination
of the latest Liberal star, Dr. Brendan Nelson to represent
the Liberal Party for North Sydney electorate of Bradfield.
Nelson had made it clear that he was not prepared to contest any marginal electorate, that he required a safe electorate, which would enable him to play a national role and not make it necessary for him to spend too much time working for his electors. It is instructive to note that those shallow Liberals who nominated Nelson have taken it for granted that the electors of Bradfield are little more than a brainwashed mob who will automatically vote for whatever candidate they decide upon.
It will be recalled that in recent times, as the Liberal Party has been consistently defeated by Labor, there has been a desperate search for new "stars" who might win office for the Party, the last being Bronwyn Bishop. What the Opposition Parties require are not new "stars", but new policies, policies that directly challenge those of the Keating Government. In the absence of such policies, an arrogant Keating will continue with his juggling acts, plucking magic figures from the air almost at will.
Consider his following effort at the Collingwood Football Club in Melbourne: "let's take somebody working part time... on $10,000; they put away $300, we put away $300 ... but we actually give them $1,000 $2,000 a year over 30 years compound they can take out a nest egg of $150,000 together." I will admit that I for one have the greatest difficulty in following this type of figure juggling. But Paul Keating makes it all sound so simple.
Anyone who believes in Paul Keating's predictions has forgotten his actual record. Every budget prediction made by Paul Keating has been proved wrong by events. The foreign debt continues to move upwards. And so does inflation, now set to move upwards again as a result of a temporary building boom and tax increases. But Keating the juggler is relying on the old showman's trick of moving the hands quickly enough to deceive the eye.
FINAL BETRAYAL OF THE COMMONWEALTH BANK
by David Thompson
As Mr. B.A. Santamaria noted in his Weekend Australian column (13/5/95), the budget had little to do with finance and economics, everything to do with politics. Everything now must be bent to a single objective: winning the next election. Even if the political and economic landscape resembles a devastated, smoking wreckage after the election is won, Keating's thirst for power must first be quenched.
Winning has become an end in itself,
not a means of providing competent electoral representation
for the Australian people. Mr. Keating, by trashing what has
been called a "Labor icon" - the Commonwealth Bank - has simply
confirmed that the political process exists to serve the interests
of politicians rather than Australians. Nothing else can be
seen as sacrosanct in Mr. Keating's determination to win at
all costs. In fact, while Treasurer himself in 1985, he said
that the Government was "as protective of the ABC's public
position as we are of the Commonwealth Bank ... ".
DOWN THE MEMORY HOLE
An entire generation of Australians has
no real understanding of why the A.L.P. has had a special
relationship with the Commonwealth Bank. This understanding
is never to be realised if the Bank is sold off as proposed.
Which children now learn in their history lessons how and
why the Bank was established? Who living now recalls the comments
of William Morris Hughes, a founder of the A.L.P., who later
became a Labor Prime Minister, at the official opening of
the Bank in 1912:
In his feature article on the Bank's history for The Weekend Australian (13/5/95) Mr. D.D. McNicoll simply failed to report on the two key aspects of the Bank's history that matter most. The first was how the Bank was used under Dennison (later Sir) Miller, to make the national credit available in financial form. No mention of how World War I was financed, without the crippling debt that handicapped Britain. No mention of how the profits from the Australian Notes Account of the Commonwealth Bank were used to finance the bulk of the construction cost of the east west railway. No mention of King O'Malley's intention that this Bank should make financially possible that which was physically possible in a new nation in a physically rich continent.
The second omission of McNicoll's was the way in which the Bank's potential was destroyed when the Bruce-Page Government changed its charter in 1924, under intense pressure from the private banks. For many years the Labor Party struggled to have the Bank's integrity restored, even to the opposite extreme of nationalising all banks.
In his election campaign in 1934 John
Scullin, who campaigned for bank nationalisation, said the
following: "The main purpose of securing national control
of banking and credit is to utilise the credit of the nation
for the benefit of the people. Why should governments pay
heavy interest charges to private banks for the right to operate
on credit, which belongs to the whole community?
The complete "privatisation" of the Commonwealth Bank is the final capitulation to international finance and the final confirmation that today's A.L.P. is fully prepared to betray the last shreds of Australia's heritage for short-term political gain. The Coalition can claim no better, with Mr. Howard complaining that it was Coalition policy to sell off the Bank!
PETER WALSH LAUNCHES CAMPBELL'S BOOK
In the company of Mr. Tim Fischer, Liberal Backbencher David Hawker and A.L.P. Minister Gordon Bilney, former Finance Minister Peter Walsh launched Graeme Campbell's and Mark Uhlman's book Australia Betrayed at the National Press Club last week. Walsh took the opportunity to take Campbell to task for addressing a League Seminar in 1992, to which Campbell responded readily, saying that he had even addressed a Liberal Party meeting once!
Reports of the launch quote Campbell
as remaining critical of Asianisation as a dangerous cargo
cult mentality that believes enmeshing with Asia will fix
our problems. "It won't at all. The only future for Australia
is as a high cost, high wage country, because we can't go
the other way. I don't want my kids to work for Asian wages."
Mr. Graeme Campbell's address to the Queensland State Seminar promises to be an outstanding contribution. All supporters should be certain to attend and obtain a copy of the book, Australia Betrayed.
CHIEF JUSTICE ON OATH OF ALLEGIANCE
When being sworn in as Chief Justice
of the High Court, Sir Gerard Brennan made a cryptic reference
to the Oath of Allegiance, which we believe should be placed
on the record:
We would like to hear the Chief Justice expand upon the above. There is the suggestion of inconsistencies alongside a careful re-stating of the role of the Crown. Is the Chief Justice a "citizen of the nation", or is he a "subject of the Crown", and what is the difference? We suspect that the Chief Justice is perhaps seeking to explain himself to those who are highly critical of swearing allegiance to Her Majesty, rather than to "the Australian people".
DR. BRENDAN NELSON AND THE LIBERALSThe selection of Dr. Nelson for the safe Liberal seat of Bradfield tells us a great deal about the Party. Dr. Nelson, for 17 years a member of the A.L.P., has an eye to the main chance: the top job. He boasts that he will speak to any group except the League of Rights. We have no intention of inviting Dr. Nelson to adorn a League platform, and the fact that the Liberals have accepted him marks another step on the moral decline of the Party. He represents a new breed of "identi-kit politician" who would be comfortable in any party, so long as it is "winning".
BANK ON THE GRAVY TRAIN
from The Australian, May 12th
|© Published by the Australian League of Rights, P.O. Box 27 Happy Valley, SA 5159|