NAB Drops Coal


In the Senate chamber today (Tuesday September 8, 2015) LNP Senator Ian Macdonald has attacked the National Australia Bank (NAB) for abandoning investment in coal mining to appease the Greens and Labor parties.

 Senator Macdonald was responding to reports that the NAB board and management  were now heavily populated by Labor and Greens sympathisers who are moving the bank away from its traditional customer and investment base.

 “I had heard a report recently that the National Australia Bank had indicated that it was going to stop funding any fossil fuel investments within Australia.”

 “For 'fossil fuel investments' read 'coalmines', and where I come from, in North Queensland, coalmines are very important. They are big contributors to the economy, and they create lots and lots of jobs.

 “I would be distressed if a major Australian bank had made a policy decision not to fund fossil fuels because of some ideological whim unrelated to banking, economic or national-interest policy.

 “That, to me, would be a bank simply trying to get a warm, fuzzy feeling and succumbing to the propaganda of the Greens political party.”

 “I have no hesitation in criticising the NAB as I am a life-long customer both in my personal and former business banking and my father worked for the bank all of his life.

 “But this association will falter if the bank plays politics with its banking policies and direction.

 “The bank is free to so what it likes but if it continues this left wing crusade it will not do it with my money and that of many others in the north who share my views on the danger of this policy to jobs in north Queensland.”

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