ACCC lack of Queenslanders raises red flags over Suncorp deal

The ACCC’s decision to reject the $4.9bn sale of Suncorp bank to ANZ has sparked criticism the competition watchdog is not in touch with the Queensland market.

The ACCC’s decision to reject the $4.9bn sale of Suncorp’s banking operation to ANZ has sparked criticism the competition watchdog is not in touch with the Queensland market.

A City Beat spy notes that not one of the commissioners sitting on the board of the regulator is based in Queensland.

“The ACCC is full of Sydney and Melbourne types, mainly lawyers, and the only time they probably ever come to Queensland is for the occasional holiday,” the spy noted.

ACCC chair Gina Cass-Gottlieb and deputy chair Mick Keogh both attended the University of Sydney and according to their LinkedIn profiles reside in the Greater Sydney area. Commissioners Peter Crone and Stephen Ridgeway both live in Melbourne along with deputy chair Catriona Lowe are all from Melbourne while commissioners Liza Carver and Anna Brakey live in Sydney,

Mary Starks, who conducted the report that recommended the deal be scuppered, is a British economist who our spy note did some work with the New Zealand Commerce Commission almost 20 years ago.

Gina Cass-Gottlieb pictured at her offices in Sydney,

“This may explain why her view of the Australian banking market seems to be around that era before the impact of mortgage brokers, technology and digital entrants,” our spy argues. We hear the lack of Queensland representation on the ACCC is not going down well inside the State Government which had banked on the deal to deliver billions of additional lending in the lead up to the 2032 Brisbane Olympics.

It’s going to be a challenging 12 months for Suncorp boss Steve Johnston (illustrated) as he attempts to get the deal over the line in appeal to the Australian Competition Tribunal. Presumably, the bank will be looking for a Queenslander, or someone with at least some knowledge of the Sunshine State, to helm the tribunal.

The knock-back is already having a financial impact on Suncorp, with Johnston this week announcing the group was withholding more of its profits than expected, partly because of doubts over the sale of the banking arm to ANZ.

Queensland focus

The ACCC counters criticism of its alleged southern focus by claiming it has a strong presence across Australia, including Queensland.

A spokesperson says the watchdog has offices in Townsville and Brisbane and its Queensland based staff include senior executives in the mergers, exemptions and digital division. “Appointments of ACCC chairs, deputy chairs and commissioners involve participation by Commonwealth, state and territory governments,” the spokesperson says. “A significant numbers of submissions (about the Suncorp deal) were from Queenslanders including farmers, small business operators and customers of ANZ or Suncorp. Many expressed concerns about the proposed transaction.” The spokesperson add Starks’ report was one of 15 expert reports considered by the ACCC, which included expert reports submitted by ANZ and Suncorp, prepared by experts based outside Queensland.

Skilling up

Brett Schimming is exiting as chief executive of Construction Skills Queensland (CSQ) after 14 years in the role. The well-respected Schimming has been hired as chief executive of BuildSkills Australia; the peak training body for the building, construction, property and water industries. CSQ chair Michael Kinnane congratulated Schimming on his appointment to the national role and thanked him for his long service to CSQ. “Under his leadership, CSQ has established itself as the state’s leading voice and influence in skilling and workforce development for the construction industry,” Kinnane says.

Construction Skills Queensland CEO Brett Schimming