State farming lobbies join forces to condemn banks’ ‘discriminatory’ behaviour
“Discriminatory” lending practices by banks that have succumbed to “activist agendas” are now being condemned by farming groups from coast to coast.
AUSTRALIA’S state farming lobbies are joining forces to condemn the nation’s leading banks for refusing to finance the firearms and live exports industries.
The Victorian Farmers’ Federation and NSW Farmers have backed AgForce Queensland in slamming financial institutions for “discriminatory” lending practices, accusing banks of succumbing to “activist agendas”.
The Weekly Times reported earlier this month that National Australia Bank — one of the biggest agribusiness lenders — was reluctant to provide personal finance to a prominent live exporter because his main source of income came from the controversial trade.
That came after NAB attempted to shut down the accounts of several gun shop owners across Australia, and others in the firearms trade, with no warning; the bank later backflipped on those decisions.
But the Shooting Industry Foundation of Australia has confirmed similar issues have arisen with the other big four banks, as well as insurance companies and electronic payment services such as Square.
AgForce Queensland was the first farming lobby to criticise the shift, with chief executive Michael Guerin accusing the banks of singling out industries to suit activist agendas, threatening agriculture in the process.
“It is worrying that some banks appear to be compromising sensible and appropriate commercial decisions because of intimidation by single-issue activists, in some cases within their own senior staff,” Mr Guerin said.
VFF president David Jochinke said the issue had been raised with him informally by some members, and that his group was fully supportive of AgForce’s position.
“It’s really disappointing when banks start trying to discriminate against legal practices – especially a bank that claims to be supportive of rural Australia,” Mr Jochinke said.
“There are big concerns it could lead to us not being able to access markets or being shut-out of opportunities, off the bank of a bank not understanding the supply chain.
“As far as I’m concerned, banks are playing in an area where they shouldn’t.”
NSW Farmers president James Jackson echoed those sentiments, fearing it was another case of “go woke or go broke”.
“They (the banks) can lend to whoever they want, but they should be aware a lot of farmers would find this fairly confronting and they may have to re-examine their banking arrangements,” Mr Jackson said.
“In virtue-signalling to one sector of the community, you can often end up offending another.”
AgForce has taken its concerns to the Australian Banking Association.
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