For the truth is, that the supreme, absolute and uncontrollable authority, remains with the people.

The framers of the Australian Constitution

Australian sovereignty means that only the Australian government has supreme authority on our continent - and that the source of this authority rests with the people of Australia, who must give their consent to being governed.

Australian sovereignty is under threat from the following:

  • International treaties.
  • Corporatism.
  • Government ignoring the people.
  • Privatisation of our money supply.

Only the ASP will address these issues - which if left unchecked will continue to result in job losses, the closure of factories, higher taxes, higher inflation, higher debt, laws that favour special interest groups and unaccountable politicians.

Sovereignty Policy

Our whole monetary system is dishonest, as it is debt-based… We did not vote for it.

The Earl of Caithness
Speech to the House of Lords
1997

Most of our money in Australia is created by private banks. We have to borrow this money in order to have our national currency. The consequence of having this "debt based" money system is:

  • Tax rates will always increase with time.
  • Prices will always increase with time.
  • Household debt will always increase with time.
  • Government debt will always increase with time.
Introduction to Positive Money in less than 3 minutes...

The ASP Monetary Policy is to have our government create all the money that is used within our economy, and to spend it into circulation on infrastructure.

This policy was tried in the past on the Isle of Guernsey and it worked magnificently. If we implement this policy in Australia - tax revenues can be reduced by 33%. Additional benefits are:

  • Government debt will be paid off.
  • Price inflation will be reduced to zero.
  • Tax rates will be slashed.
  • GDP will increase.
  • Infrastructure will be upgraded.

Honest Money Policy

The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing.

Jean Baptist Colbert

Below are a few of the things that are wrong with our tax system:

  • We have over 125 different taxes.
  • The Income Tax Assessment Act is 351 pages long.
  • The tax system favours the rich who employ tax experts.
  • GST is a regressive tax (i.e. the lower your income, the greater the proportion of your income is taken).

The ASP Tax Policy will replace all 125 taxes (except for Customs and Excise Duties) with a single Debit Tax. This tax will  tax your expenditure - not your income.

This Debit Tax is:

  • Fair - it will apply equally to individuals and companies.
  • Simple - the act will be no more than 50 pages long.
  • Cost effective - it will not require any accountants.
  • Adequate - it will raise all the revenue required.
  • Transparent - there will be no "hidden taxes".
  • Unavoidable - nobody will be able to rort the system.

Fair Tax Policy

I am afraid the ordinary citizen will not like to be told that the banks can and do create money.

Reginald McKenna
Past Chairman of the Midland Bank


The ASP is not "anti-banking" - we recognize that banks play a vital role in our economy. However, banks have usurped a key role of our government, and the situation can be remedied by applying this basic principle:

There must be a separation of banking and government.

Banking is the business of:

  • Accepting deposits.
  • Lending money that has been deposited.
  • Providing financial services.

Government must be responsible for:

  • Protecting our inalienable rights.
  • Creating our national currency (i.e. money).
  • Maintaining the value of our money.

The right to create our national currency is the sole prerogative of our sovereign government. Unfortunately, this right to create our money supply has been privatised.

Banking Policy

The banks do create money. They have been doing it for a long time ... and they did not admit it.

H. W. White
Chairman of the Associated Banks of New Zealand
New Zealand Monetary Commission - 1955

Here are some facts about the RBA:

  • It is a Commonwealth Authority.
  • It does not lend money to the government.
  • It does not create or issue our coins in circulation.
  • It sells paper currency for commercial bank money.
  • It does not control the quantity of money in circulation.
  • It sets the interest rate for "RBA money" - not "commercial bank money".

rba-buildingThe primary role of the RBA is to set monetary policy - which it does by fixing the "cash rate". In reality - the government has given to a group of unelected people from industry, the right to set the mortgage rates of all Australians.

The ASP will ensure that our government reclaims its sovereign right to create our money supply, and that the following limited duties are delegated to the Reserve Bank:

  • To accurately measure monetary and price inflation.
  • To physically create our money supply (paper, coins and digital).
  • To control the quantity of money in circulation.
  • To limit this quantity relative to price inflation.
  • To place new money into the Consolidated Revenue Fund.
  • To allow the market to determine interest rates.

Reserve Bank Policy

Our Vision

5-types-of-moneyOne of the most interesting facts we discovered in our research - is that there is more than one form of money in Australia. To the average Australian there is only the "Australian dollar". However this is not the whole truth - since there are 5 different types of money and each has a different origin and function. These are:

  • Currency coins - created by the Royal Australian Mint for the Treasury.
  • Currency notes - created by the RBA and sold to the commercial banks.
  • Digital money - created by commercial banks as "credit".
  • Reserve Bank money - created by the RBA and used in Exchange Settlement accounts.
  • Gold coins - created by the process of mining, and is legal tender.

Each type of money given above is detailed in our "resources" section.

 

 

Money used by the public

money-bar-chartIn this section we are only going to look at the total amount of money that is used by the public for their everyday transactions. To do so - we examine what is called Broad Money (i.e. currency coins, currency notes and digital deposits). Note that the RBA lumps currency coins and currency notes together - and calls it "currency".

In order to understand the magnitude of the amounts of money used by the public - we refer to the Money Aggregates spreadsheet from the RBA. The figures for May 2012 are:

  • Broad money =  $1,467.2 billion.
  • Currency (i.e. notes and coins) = $50.5 billion

Hence the amount of digital money (which is created by the banks as "credit") is $1,416.7 billion. Currency notes and coins comprise a mere 3.4% of the total broad money supply. The adjacent graph should give you an appreciation of the figures.

 

96.6% of our money in Australia is created from debt. The ASP believes that all forms of money used by the public should be created by the government and spent into circulation - for the benefit of all Australians.

 

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