Which bank? Where our pollies stash their cash

Premier Annastacia Palaszczuk and Treasurer Cameron Dick may talk up local banks, but they don’t put their money where their mouth is. See list of which pollies bank where.

Where are Queensland MPs, who on average earn $170,000 a year, stashing their hard-earned cash.

ANZ boss Shayne Elliott was in town this week as part of a charm offensive to convince Queenslanders to accept a takeover of home-grown Suncorp Bank by his giant Melbourne-based lender.

So far there has been a bit of a pushback to the $4.9bn deal, including from Queensland treasurer Cameron Dick, who earlier this year said that “any transaction must deliver for Queenslanders, particularly when it comes to skilled jobs and economic prosperity.”

But are our local politicians really putting their money where their mouth is when it comes to banking locally?

According to the Queensland parliamentary members’ interest register that shows that just over half - 50 of 93 - of MPs have at least one savings account, mortgage or line of credit with a state-based bank including Suncorp, BOQ, Heritage, Great Southern or Auswide.

Dick himself has accounts or loans with NAB and Westpac while Premier Annastacia Palaszczuk banks with Westpac.

Education and Industrial Relations Minister Grace Grace banks with CBA and NAB, Transport and Main Roads Minister Mark Bailey has a home loan with Sydney-based Macquarie and a savings account with the Commonwealth Bank while Minister for Employment and Small Business Di Farmer has a mortgage and saving accounts with ANZ

Those who do bank locally include Health Minister Yvette D’Ath (Suncorp), Opposition Leader David Crisafulli (BOQ), Housing and Energy Minister Mick de Brenni (Suncorp), Member for Coomera Michael Crandon (BOQ), Member for Barron River Michael Crawford (BOQ) and Member for Ipswich Jennifer Howard (BOQ).

Shayne Elliott

Does it really matter these days where a bank is based geographically? Some market watchers have criticised BOQ, which was founded almost 150 years ago in Brisbane, with having no Queensland directors on the board.

But it is obvious that living and working in the communities they serve must give senior banking executives and directors a sense of the local economy and the needs of customers.

The ACCC also appears to believe geography is important and is now eyeing the Suncorp ANZ deal to ensure it won’t substantially reduce competition across various markets.

The ANZ-Suncorp Bank tie-up also requires approval from the federal and Queensland governments. State-based legislation would need to be changed to facilitate the takeover of Suncorp’s bank. ANZ has committed to no net job losses at Suncorp Bank in Queensland for three years and to not closing the target’s branches over the same period. It has not made the same assurances for its own staff and branches.

Elliott, who was in town this week to launch a report on Queensland’s economic potential and investment needs leading up to the 2032 Olympics, says his staff are looking forward to a closer connection with the Sunshine State. He joked that there had already been strong interest from his staff in a posting in the Noosa branch.

Build to rent

The growing build-to-rent sector will be the topic of discussion at a Property Council Queensland networking event at the Brisbane Convention and Exhibition Centre on May 4. Viewed by those in the know as a long-term solution to our housing woes, many within the industry are still grappling with the asset classes’ considerable but not insurmountable barriers to entry. But with momentum around the sector growing, investors are continuing to look towards build-to-rent to learn how it can work in a Queensland context.

The event will be moderated by Property Council Queensland deputy executive director Jess Caire with panellists including Cedar Pacific chief executive Bernie Armstrong and Angela Buckley, general manager, build to rent at Mirvac.

Jess Caire- Queensland Deputy Executive Director, Property Council Australia