The Nationals are calling for a major shakeup of Australian banks, following revelations that energy-lending policies have been destroying investment in coal, gas, and oil.
Leader Matt Canavan said The Nationals had written to the four major banks, expressing concern that a businessman was denied even a bank account after he tried to build a diesel refinery in Gladstone.
“Now, with the benefit of hindsight and our current oil crisis, I am sure Australia would be a lot better off today, had we provided support for someone who had planned to build a refinery in 2018,” Senator Canavan said.
“I am pleased that the banks have now at least indicated they would be willing to allow some leniency.
“A few years ago, it was a closed door from our banks to oil projects. Now at least the door is ajar thanks to the hard knocks we are getting from this energy crisis.
“I thank some of the banks for seeing common sense and restoring finance to oil projects which we so desperately need.
“But we need to dump all of this Environmental, Social and Governance agenda because it is now clear that ESG stands for Extreme Shortages Guaranteed.
“Even Labor admits that we are facing the worst geopolitical environment since WWII. So, we need all Australian businesses to focus on making Australia stronger. Any lending policies that restrict the development of Australian resources can only make us weaker.”
Shadow Minister for Financial Services Kevin Hogan said if the banks are unwilling to change their policies, the law could be changed.
“Labor should ensure our Australian banks make their decisions based on economics rather than ideology,” Mr Hogan said.
