RBA has taxpayers prop up banks to the tune of $200 billion.

During estimates I asked the RBA a number of questions about their management of the economy. These included constant market interventions by the world’s central banks making a mockery of the so called free market, the definition of capital and how soon the $200 billion term funding facility is to be repaid. The latter is particularly important to taxpayers as it is their hard earned taxes that has been used to underwrite privately owned banks (rather than infrastructure), thanks to the autonomy of unelected bureaucrats at the RBA. There is no greater example of just how powerful the RBA has become when they can use up to $200 billion of our currency to bailout their mates in the private sector without seeking approval from the people via parliament first. The authority given to the RBA make a mockery of the democracy we are led to believe we live in,.
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