'Nationalise the banks', say socialists

'Nationalise the banks', say socialists

By Bill Mason

BRISBANE — "The answer to Pauline Hanson's right-wing populist policies is not to reaffirm the failed 'economic rationalist' program of the major parties, but to launch a socialist counteroffensive", Graham Matthews, Democratic Socialist candidate for the seat of Brisbane in the federal election, said on June 20.

Matthews called for the "nationalisation of the banks under community control" as the alternative to the One Nation policy of a state trust giving loans to farmers at 2% interest.

Matthews was also Democratic Socialist candidate for Brisbane Central in the June 13 state election.

"One Nation's simplistic, reactionary program, which is a combination of racism and old-fashioned Social Credit-style populism, is no answer to the economic crisis caused by big business and its ruling parties", Matthews said.

"The Suncorp-Metway bank in Queensland, just like the Commonwealth and other banks nationally, should be returned to public hands, so that low-interest loans to farmers and working-class home buyers can be made."

Matthews called for "a massive program of socially useful public works, to combat unemployment. Social welfare and the public service should be expanded, not slashed, to provide a comprehensive public sector infrastructure.

"This program should be paid for, not by a regressive GST which will hit the poor hardest, but by a radical restructuring of the tax system to target the wealthy and the big corporations, which currently pay minimal tax", Matthews said.

"It is these kinds of socialist policies which need to be counterposed to the One Nation recipe, not returning to the slash and burn program of Howard, Costello, Borbidge, Sheldon and Co.", Matthews emphasised.

The Democratic Socialist federal election campaign in Queensland can be contacted on (07) 3254 0565.

From GLW issue 322