The Express Newspaper 31st August 2016

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EXPRESS The

Wednesday, August 31, 2016

Locally owned and proudly independent

Cultural pride on display A SPLASH of colour and culture came together in Mareeba for Saturday’s Multicultural Festival at Arnold Park. Young Kadence Hastie (pictured) got into the spirit, participating in a Spanish dance which delighted the crowd. About 40 different nationalities were represented on the day, with thousands of revellers enjoying the fun, food entertainment. STORY PAGE 7 │ PHOTOS PAGE 10

Photo by Peter Roy.

Bob’s bank bash By Michael Serenc

KENNEDY MP Bob Katter has hit out at Australia’s big four banks, slamming the financial system’s unethical conduct as he pushes for a royal commission. “The royal commission is needed to expose what is going on,” he says. “For every single foreclosure…they have to sign an agreement saying the bank can do what-

ever they like. “They strip the borrower of all power. The contract just vanishes without trace. That’s duress.” Mr Katter joined forces with Labor Herbert MP Cathy O’Toole and One Nation Senators Malcolm Roberts and Rod Culleton to argue for a royal commission at a meeting of farmers, business owners and home owners in Townsville on August 20.

The veteran MP told The Express he wanted the royal commission to focus on exposing duress and unconscionable conduct by banks, the practice of recourse lending, the influence of mortgage brokers in the financial system and the possibility of establishing a Federal Reconstruction Authority to give financial help to farmers doing it tough. Mr Katter said it was ludicrous the financial system allowed the practice of recourse lending,

in which a bank can still seek financial damages from a borrower if the sale of a repossessed asset does not fully cover the cost of the original loan. “I’d estimate that close to 10 per cent of the Australian population is walking around with a slave collar around their neck carrying debts of $200,000 or $300,000, which they can never repay,” he said.

Continued P3

What’s New at Amaroo? Jannali & Karobean SellingNow

Don’t let the sun go down on this opportunity! Debbie Sweedman 0409 321 000

www.amarooestate.com.au


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