Like most people with a bank loan, I pay compound interest. Most people believe that compound interest is OK because bank depositors get interest on their deposits, and the interest compounds, so the borrower’s interest should also compound.

Unfortunately, compound interest to borrowers means something different than it does to lenders. With compound interest, the lenders add interest to the loan to pay the interest, which extends the loan, but the money to extend the loan goes to the lender and not the borrower. The lender has "forgotten" to supply money for the loan extension. This means that the borrower still owes the interest and has to pay it again.

If a bank uses compound interest, the borrower pays double the interest amount.

Compound interest loans are prevalent in most banking systems, dramatically increasing total interest payments for borrowers compared to simple interest loans. The system favours bank owners, exploiting ordinary borrowers trying to secure a future for themselves and their families.

Compound interest started in feudal times when the sovereign owned all the money, and if you wanted to use it, you paid rent. Compound interest extends the loan plus a service fee for using it, while simple interest is a service fee where interest to depositors is part of the fee borrowers pay.

Banks that use compound interest act as though they own the money. In reality, we, the people, own the money via our government. By adopting simple interest loans instead of compound loans, we can create a fairer system that eases the burden on borrowers and gives banks a competitive edge against compound interest banks.

Loans are repaid faster with simple interest, increasing money's productivity. This means society needs less money to build new assets and can reuse existing money to transfer existing assets.

Simple interest banks can offer higher deposit rates and lower repayments.

As a side effect, it gives central banks many ways to control the money supply, which will stop the boom-and-bust cycle of economic activity that damages society.

According to the Reserve Bank of Australia, Australian household debt is among the highest in the world. It's time to advocate for financial fairness and ease this burden on our citizens. We implore Australian banks to pivot to productive, simple-interest loans.

Let us unite and voice our plea for change. Let us support a move that promises a fairer future for us all. Please sign this petition and join the fight for financial justice. Your signature can make a difference.