Since we started this campaign, the Government has requested that the Primary Production Committee open an inquiry into rural banking – which is great news. This means an inquiry will almost certainly be voted through when the committee next meets.
But what the inquiry covers (called the terms of reference) are still yet to be decided and we need to make sure that the way banks treat agricultural emissions is a part of the inquiry.
Tell the MPs their inquiry must consider the banks’ emissions incentives.
Banks are becoming another enforcement agent to punish farmers for emissions, just when the Government is coming around on the facts about how agricultural emissions are a cycle and different to other industries.
Pushed by mandatory disclosure regulations about their lending portfolios’ emissions profiles and then the policies of foreign groups like the Net-Zero Banking Alliance, banks are starting to demand emissions information from farmers, and we hear they’re denying farmers credit to keep their emissions profile down.
This is on top of rural lending interest rates running at a 2% premium to other lending, with no justification from increased risks or costs.
It’s time to tell the banks to back off, and the National/ACT majority on the Primary Production Committee means we have the opportunity to get a full parliamentary inquiry into rural banking.
Use our tool to send an email to the government members of the Primary Production Committee asking them to hold a formal inquiry into rural banking and tell the banks to back off.