The proposal would establish a People’s Bank, which would make selected retail banking products available through the Reserve Bank of Australia (RBA). Products would include savings accounts with interest rates linked to the RBA cash rate, and mortgages tracking the RBA cash rate for owner-occupiers. Loans would be for up to 60 per cent of the value of a property, up to a maximum of $500,000.

The proposal would have effect from 1 July 2019.