OPINION: Making banks hand back to taxpayers some of the profits from the special treatment Canberra gives them would be the user-pays principle in action.
point to an ongoing deficit of $50 billion a year. And, unfortunately, that calculation effectively assumes the existing cap on defence spending of 2 per cent of national income stays in place.. The cost of the AUKUS subs actually means Canberra’s ongoing budgetary hole is even bigger still.
But if they bail out too little and too late, then panic can spread incredibly fast, thereby making new bank runs more likely.It’s the fear of current problems that mostly wins that tug of war. Certainly, that’s exactly what just happened in the US: the authorities are set to pay back every last cent to affected bank depositors, not just the maximum that Federal Deposit Insurance Corporation-insured customers otherwise get.
Our resultant, remarkably robust banking system has served us well, including during the global financial crisis – the closest that local banks came to being in trouble in many a year.
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