august memories / 17


17th August, 1947 : The announcement by the Labor Government of its plan to nationalise banking has brought forth a storm of criticism. The Opposition Leader, Mr Menzies, has called the people of Australia to “a great battle to defend their freedom against a dictatorship at home”. It is said the Government acted because control of banking would enable it better to meet an impending depression. The only expressions of approval have come from Labor officials, who cite the Party objective of socialisation. The proposed Bill seems certain to be passed, but will no doubt be challenged in the High Court and at the next election.

[The High Court rejected it then, {Bank of New South Wales v. Commonwealth, (1948) 76 C.L.R. 1}, but today possibly would approve it, as it judges are not of the old quality.]

About Avadoro Worden

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