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Banks get free interest on $188 billion thanks to taxpayers – Senate Estimates 10.11.22

During the pandemic the RBA decided it was a good idea to lend $188 billion dollars to the banks at an interest rate of around 0.10%.
The term of the loan extends to 2024.

While many of you lost your jobs, incurred an injury, had to close your business, or got locked down etc, the banks were being lavished with free money.

They are currently lending this money at between 3 to 5 percent skimming approximately $8 billion a year out of taxpayer pockets.

This just goes to show how our bureaucrats like the RBA are serving the elites while enslaving the battlers.

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  1. Senator Rennick you are one of the few honest politician and pray you keep the others on the straight and narrow. A recent Utube Video by Dr Campbell he reports that Vitamin D3 has shown to be very effective in preventing serious illness due to Covid.
    Please watch the video and bring this to the attention of ATAGi instead of them pushing more boosters.

  2. Mate, I love Sen. Gerard Rennick, how can I vote for him to be the PM? There'd be a lot less BS going on in Parliament and less wasted tax-payers money being used in unfounded grants.

  3. Fantastic Senator Rennick! If the govt lent that money directly to Joe Citizen at 1% fixed, the govt would make a profit AND the borrower would save money! That’s a win, win situation! I’d borrow at that rate to buy a house! Jobs in the local economy instead of (and I laugh when I say this), trickle down economics! 😂
    The big end of town is the only winner here! 🤦‍♂️

  4. No offence mate, but in all your videos, you're just too nice about your approach. You HAVE to unleash the mongrel in you and get stern with these criminals.

  5. They laughed and knew. Its an open secret in the banking community just how corrupt it is. They know the taxpayer is being ripped off. They also know the taxpayer doesn't cae so long as they have their footy, nice enough car, and alcohol.

  6. 🪃
    Thanks Rennick, their imaginary friend creates imaginative wealth, with interest…
    All pray to the house of slithering and the one eyed monster…
    💪❤🤙
    👉😷💉
    🌳🍏🐍
    🔮
    🎖
    🇳🇱🇺🇲🇷🇺
    💰
    🦇
    🕳
    📈🖱📉
    👁
    💵
    💷💷
    💶💶💶
    💴💴💴💴

  7. So, let me get this right, the banks are borrowing from the RBA at a gifted rate of virtually zero , then lend that to there customers at a rate between 3 and 7% and the surplus is then lent back to the RBA at the bargain basement rate of 2 1/2 % on money they have never had! Sounds like the most genius fiscal policy in world history!

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