From nationalising banks under Ben Chifley, a royal commission, to Jim Chalmers Reserve Bank review, we've come a long way on banking

By Bob Crawshaw
Updated August 16 2022 - 12:04pm, first published 5:30am

Seventy-five years ago this week, prime minister Ben Chifley issued a 42-word press statement that told Australians his Labor government would nationalise Australia's private banks. It was among Chifley's most significant announcements and perhaps his gravest miscalculation.