Australia

Discussion in 'Markets & Economies' started by Bernie01, Jun 12, 2016.

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  1. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    I don't believe that Joe Hockey alone can sign this into legislation. I expect it would need to go to be passed by parliament to be law?

    Anyhow, it's a bit difficult to find something that's not there, so if it can't be found by anyone in this forum then it probably doesn't exist.
     
    GoldenEye, Jun 14, 2016
    #21
  2. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I'd be hesitant about claiming something doesn't exist based on the assumption that what forum members can and can't find is definitive. There could be regulatory obsfucation or technicalities we don't know about.

    From the RBA:
    Some commentary:

     
    SpacePete, Jun 14, 2016
    #22
  3. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    SpacePete, Jun 14, 2016
    #23
  4. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    From above PDF:

     
    SpacePete, Jun 14, 2016
    #24
  5. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Thanks SP. All that stuff kind of paints a picture that bail-ins are in place, without allowing us to actually be able to pin it down in black and white print....

    ....or in other words, the politicians and lawmakers have done a perfect job in obfuscating the fact that bail-in laws are here.

    Aside - As for the FCS I could envisage that in a full scale meltdown we'd blow the $20 billion, but the electorate would demand it be expanded. Money printing ensues.....
     
    BuggedOut, Jun 14, 2016
    #25
  6. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Yeah, it's confusing!
     
    SpacePete, Jun 14, 2016
    #26
  7. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Technically I think any bail-in laws are just changing the nature of the bail-in. By definition "your" savings are not yours the second they are given to an FRB bank. They are an investment with a risk that you won't get your capital returned.
     
    bordsilver, Jun 14, 2016
    #27
  8. FlashInThePan

    FlashInThePan Member

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    FlashInThePan, Jun 14, 2016
    #28
  9. MikeyS

    MikeyS New Member

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    Does money in an offset account against a home loan count as savings?
     
    MikeyS, Jun 14, 2016
    #29
  10. Old Codger

    Old Codger Active Member Silver Stacker

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    Same old Australia, we have just replaced one socialist General Secretary with another socialist General Secretary.
     
    Old Codger, Jun 15, 2016
    #30
  11. errol43

    errol43 New Member Silver Stacker

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    Welcome back Old Codger!!!!You mean We changed a man with a suppository of all knowledge with a CEO from Goldman Sachs. :)

    Regards Errol 43
     
    errol43, Jun 15, 2016
    #31
  12. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    Good to see you back :)
     
    Caput Lupinum, Jun 15, 2016
    #32
  13. Old Codger

    Old Codger Active Member Silver Stacker

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    Thanks guys!

    WOOPS! "Guys " is non PC now they say.


    OC
     
    Old Codger, Jun 15, 2016
    #33
  14. tozak

    tozak Well-Known Member Silver Stacker

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    raven is spot on, and it's doesn't need to pass through the house again if it's only subordinate legislation, check APRA, it is merely procedural changes to how the banks and Central banks are required to act according to the regulator. I posted on this before, just go to their website http://www.apra.gov.au/Pages/default.aspx and search "bail-in" if you want to do some reading.
     
    tozak, Jun 15, 2016
    #34
  15. Old Codger

    Old Codger Active Member Silver Stacker

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    An Act of Parliament is not law until it is signed by the GG.


    OC
     
    Old Codger, Jun 15, 2016
    #35
  16. tozak

    tozak Well-Known Member Silver Stacker

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    Subordinate legislation is when a Current Act delegates powers to a Regulator body, changes only need the Authority of the Regulator as the original Act does not need to be amended, hence does not need to pass house nor receive Royal Assent.
     
    tozak, Jun 15, 2016
    #36
  17. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    What does that mean? He had an encyclopedia shoved up his anu$?
     
    BuggedOut, Jun 15, 2016
    #37
  18. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    [youtube]http://www.youtube.com/watch?v=H5Y5R2LWWAQ[/youtube]
     
    SpacePete, Jun 15, 2016
    #38
  19. Killface

    Killface Well-Known Member Silver Stacker

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    ^^^wow!!!
     
    Killface, Jun 15, 2016
    #39
  20. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

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    Ah. Thanks for that SP. I must have missed that gaffe :p
     
    BuggedOut, Jun 15, 2016
    #40
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