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Bankers press Senate on responsible lending
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The federal government is struggling to win Senate support to dump responsible lending laws, despite reassurance from National Australia Bank chief executive Ross McEwan that the proposed changes will not lead to more risky bank lending.
Bank chief executives have been at Parliament this week meeting senators to discuss the government’s proposed overhaul of credit rules, as well as how banks will deal with home and small business borrowers still hurting from social distancing rules and international border closures.
NAB CEO Ross McEwan says axing responsible lending laws won’t cause a jump in risky bank lending.
âSavage blowâ: Coal companies hit back over banksâ flight from fossil fuels
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By Anne Hyland
May 15, 2021
Large Australian banks, superannuation funds and insurance companies are adopting a view that coal, the dirtiest fossil fuel, should eventually be retired as an energy source.
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The politics around coal is treacherous. In the Upper Hunter of New South Wales, a state by-election that could further weaken the ability of Premier Gladys Berejiklian to govern, has become the latest battleground over the future of coal, and the risk to thousands of workers losing their way of life.
Australia’s Capitalist Finance Sector: Deception, Exploitation and Misdirection of Financial Resources
by Trotskyist Platform / May 11th, 2021
In recent years, the ripping off of customers, deceit and even outright fraud practiced by Australian finance sector businesses has gained much attention. Four years ago it was revealed how CommInsure, the insurance arm of the Commonwealth Bank of Australia (CBA), had refused to make promised life insurance payments to heart attack survivors. They “justified” this by using a definition of a heart attack that was so dodgy that even some people who had
such a severe heart attack that they had to be resuscitated were denied their entitled pay outs! Such devious practices have been undertaken by finance sector enterprises big and small – from the big four banks and insurance giants to brokers and loan enablers and to retail businesses that hand out loans. As a result the banks, insurance companies and the brokers and others connected t
Denied insurance, rebuffed loan applications and struggling to refinance: Australia’s coal export industry, the world’s largest, says it is being squeezed out by banks and insurers, and some want the government to wade in.
Australia exported A$43bn-worth of thermal coal, its second-largest export by value, in 2020. But miners say that Australian banks’ retreat from fossil fuels as they seek to curb their contribution to greenhouse gas emissions is also stifling Asian financiers’ willingness to plug the resulting funding gap.
The complaints come in submissions to a
parliamentary inquiry established earlier this year to examine the impact of prudential regulation on Australia’s export industries. While the probe includes all major exporters, it is expected to focus mainly on the increasingly controversial coal trade.