
Issue No 103		20 July 2001

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Workers Win Stake in New Bank

Banking regulators have opened the way for a Workers Bank to compete with the established institutions after granting a banking licence to Members Equity this week.

Members Equity is a joint venture involving financial giant AXA and 41 industry super funds.

It is to be headed by former reserve Bank chief Bernie Fraser and currently underwrites more than $5 billion in home loans.

Fraser says the new bank will compete with the Big Four and encourage workers to move across by offering low-fee basic service accounts. It will keep costs down by focussing on telephone and internet banking.

Labor Council's superannuation guru Mark Lennon says the development is good news for a competitive banking industry.

"This is a follow on from super union home loan products which have done well and I'm sure this venture has a good chance of success," Lennon says.

More on the Banking Issue next week

View entire issue - print all of the articles!

Issue 103 contents

Interview: Political Witch Hunt
CFMEU national secretary John Sutton on the mooted Royal Commission and what is really needed to clean up the building industry

E-Change: 1.3 The Nation State in Crisis
In the latest instalment in their study on the new politics, Peter Lewis and Michael Gadiel looks at the rise and fall of the institutional State.

Unions: Industrial Violence
Rowan Cahill agrees with Tony Abbott that thuggery and violence are part of Australian industrial relations landscape - but it's the bosses who do most of the bashing.

History: Total Recoil
Neal Towart looks at how Royal Commissions designed to kick unions have typically come back to haunt their architects.

International: Behind the Eight Ball
Jubilee Australia's Thea Ormond looks at the international activity being generated around this week's Group of Eight Summit in Genoa

Politics: Now We The People
A new group believes there is an alternative to corporate gobalism and economic rationalism

Satire: Marsden Now to Sue Himself
Sydney solicitor John Marsden is suing himself for defamation, claiming the recent libel case he brought did irreparable damage to his reputation.

Review: In The House
Resident Four-Eyes Mark Morey attempts the impossible with this attempt at a serious analysis of Big Brother.

» Survey Shows Majority Support for Unions

» Howard's Union Stooge in Hot Water

» Unions Cash in on Big Brother

» Big Boys Bully Over Della Compo Changes

» Where's WorkCover? Safety Prosecutions Drop Off

» Telstra's Ultimatum: Stay Away From Kim

» Workers Win Stake in New Bank

» Hours Test Case Gets Green Light

» St John of God Workers Pray for Justice

» Five-Star Action From Security Guards

» Howard Plans to Stop the Vote

» Rio Outrage Heads for Court

» Nurses To Fight For Pay

» One Hundred Reasons to Save Aussie Post

» Rail Track Sell-Off Part of Privatisation Push

» Coles Myer Abandons Regional Jobs

» Qld Wage Rise Still Not Enough

» Activists Notebook

» The Soapbox

» The Locker Room

» Trades Hall

» Tool Shed

» Problems with Hunter Decision

» A Lost Cause

» High Farce

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