By Jo Nova
It’s a bankers job to manage the Indian Ocean dipole, don’t you know?
People have noticed that coal, oil and gas projects that were legal and looked profitable were still unable to get funding from the Big Bankers. You might think it was the elected government’s role to figure out the complex trade-offs of how to keep the lights on, avoid unemployment and protect the spotted quoll (and the nation). But even if the people vote, and the government approves, the bankers can still say “No”. And they did…
The Commonwealth Bank piously declared in August 2024 that they will no longer provide finance to oil and gas companies that don’t have a “Paris Transition Plan”. The bank was helpfully taking on the role of judge, jury and financial executioner.
Yet, thanks to the Straits of Hormuz, suddenly instead of earning bragging rights for their climate saintliness, they face questions about how they let the country down.
Heat on banks’ energy financing
By Sarah Ison and Rosie Lewis, The Australian
Australia’s big banks have defended their financing policies against criticism they fail to support oil, coal and gas projects, as Foreign Minister Penny Wong turns to China to shore up fuel and fertiliser supplies in a high-stakes diplomacy mission that also includes Japan and South Korea.
The trip comes amid concerns from the Coalition that projects that could have delivered oil and fuel had not been offered enough support from not only the government but the banks.
The mindset of the bankers was that coal was unthinkable:
Pembroke Resources founder and ex-chair Barry Tudor laid bare the hurdles [his coal project] faced …
“At one point during the development of Olive Downs, a senior executive at a big four Australian bank told me he really liked our project. He understood it, he believed it would succeed. But he also made something else clear: it simply would not be worth his while explaining to senior management why the bank was financing a new coal project.”
It even extended all the way down to petty cash and loans for a LandCruiser:
As Mr Irving [NAB CEO] and other banking heads rebuffed suggestions there was some kind of explicit “prohibition” on financing carbon-intensive projects, Mr Tudor revealed Pembroke’s house bank had once refused to provide simple financing for a LandCruiser because the vehicle would be used in helping deliver a coal project.
Sometime in the last ten years ago the bankers of the world decided it was their duty to manage the ocean currents and jet streams of Earth, or to at least predict them, and figure out the so-called risks to the economy. Not that they did due diligence on the science, or checked the modelling. They just took the GroupThink and added compound interest.
Westpac Bank Transition Plan
It took years for the Banker Blob to spread into global weather control
Way back in 2010 the National Australia Bank was a founding member of “Climate Active” and was the first bank downunder to become carbon neutral. But lately all the Australian banks felt the need to have a “Climate Change Commitment”– they just want to save the world, right?. Most of these “commitments” may have been trivially symbolic — like NAB installing 2,000 solar panels, and LED lights in all their branches. Nevertheless, overtly or tacitly, it appears the message got through to the staff at least, who became afraid of upsetting the boss.
The media cheered them on, the politicians said “bravo”, and most Australians had better things to do (or so they thought). But the levers of power and accountability were being taken out of Parliament and being handed to bankers. Most of whom should have been serving their country, rather than serving The Blob, the UN, the WEF, and all the agencies of globalist power. But the bankers are creatures of The Blob, which protects them from competition. They look like private institutions but they only exist at the pleasure of the regulators. And our western democracies make sure it’s hard for new competitors to get a license (we must protect the racket). We wouldn’t want any upstart bankers to get off the ground who’d like to loan to Big Oil and Big Coal and proudly so.
So it is somehow very fitting, if not frighteningly so, that the Bankers became the enforcement arm of laws written in Paris, and not necessarily in Parliament.
Let us not forget the bankers role in our current predicament. Make them squirm…
Thanks to Matt Canavan and the National Party who are trying to do that:
Banks must dump Environmental, Social, and Governance ‘woke’ agenda for coal, gas, and oil
The Nationals are calling for a major shakeup of Australian banks, following revelations that energy-lending policies have been destroying investment in coal, gas, and oil.
Leader Matt Canavan said The Nationals had written to the four major banks, expressing concern that a businessman was denied even a bank account after he tried to build a diesel refinery in Gladstone.
“Now, with the benefit of hindsight and our current oil crisis, I am sure Australia would be a lot better off today, had we provided support for someone who had planned to build a refinery in 2018,” Senator Canavan said. “But we need to dump all of this Environmental, Social and Governance agenda because it is now clear that ESG stands for Extreme Shortages Guaranteed.
The US leads the world in oil and gas production. The banks are involved when they want to be, but our companies flota debt and equity securities all the time.There is the Australian Stock Market so your oil and gas companies should be issuing shares.
If not, your Australian companies can sell out to Exxon $625 billion market capitalization, Chevron – $375 billion , Conoco Phillips – $150 billion or whomever and we will be happy to drill for you.
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Thanks John, I just added in another paragraph into the post about the bank knocking back a car loan. Big Companies can always run an IPO but the pogrom against loans even extended down to stopping people getting a LandCruiser. We shouldn’t have to launch a share purchase plan to buy a car. There are a thousand small businesses that help a large coal plant or oil production facility, and they all need loans…
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I bet Chevron used a lot of bank funds, to maintain liquidity. And in their day-to-day operations
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Yep – Exxon debt to equity 13% with AA+ credit rating.
Chevron debt to equity 21% with AA credit rating.
By contrast there are a number of solar farms in Australia in financial distress. As far as I can determine, none are in loan default yet but it is not far off.
Every rooftop solar and household battery installation is another nail in the coffin of grid wind and solar.
The only way wind and solar farms can get financing is to have one of the AEMO contracts that guarantees ROI. Without taxpayers being on the hook for 20 to 30 years, no “renewable” project is viable.
I spent a few years of my life getting State governments out of electricity generation. Now the UN control the circus.
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Last year the owners of one of the first installed wind farms (wind turbine installations) Codrington Victoria announced closure after 25 years of operation, that the wind turbines will be removed but not replaced, replacement would not be cost effective
How many more of the first installations will be next to announce closure?
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And how many tonnes of concrete remain behind?
The following is from
https://www.wind-watch.org/news/2025/12/09/wind-farm-decommissioning-to-leave-giant-concrete-and-steel-foundations-buried-forever/
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“subterranean concrete”
Years ago, I read of a contract that required the top X feet of the concrete would be removed. X = unknown. The surface dirt would be replaced and replanted. The stipulations likely vary by location.
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Didn’t seem to happen when all the wind systems shut down in Esperance WA. One or two turbines ended up in a TAFE, but they were old technology. Don’t know what happened to the towers, but it appears that the blades were just dumped in the coastal sand hills. And the sites were offered to the local council as “parking areas”. Would be very interesting to know the full story.
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All of them, I hope.
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It will be interesting to hear the excuses from Minister Bowen and PM Albanese as the intermittent unreliable Installed Capacity is no longer available?
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“the wind turbines will be removed but not replaced, replacement would not be cost effective”
I guess this is code for subsidies arent what the used to be.
This site would have lauded as ideal for wind turbine development in the initial proposal.
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Well, we like oil and gas in the US which is why we lead the world in its production. We now lead in hydraulic fracking and lateral drilling.
Banks want a piece of the action. We got lots a of banks in Texas with gobs of money. They are not stupid.
I mean you think a giant oil or gas field is bad collateral? Think again.
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The latest Liberal plan is to get 30 days extra fuel storage by 2030.
Its cheaper and faster to go to China, look at their 450Mt/year Coal-to-Oil plant and get them to build us a plant that we can ship to an Australian coal reserve.
No bank required.
Even the CFMEU could not stuff this up.
Just have to avoid talking to the Victorian ALP.
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A company in Victoria spent $40 million developing a venture to use brown coal from La Trobe Valley existing closed mines and was rejected by Vic Gov, so took the project to New Zealand where it was given a quick response green light
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Quite familiar with the Ignite process and development plant. Now taken up by Peter Sidwell ex-PMP.
Output was 0.86 BoE/raw ton of lignite.
Solvent process output is 1.1 BoE.
The Chinese F/T plant will have a lower output/raw ton but certainty of delivery, cost and supply date.
China is also a VERY BIG potential customer.
What we have here is a VERY LARGE amount of coal versus a CO2 religion.
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The solvent process has the benefit of opening up research. Could be done at Monash Uni. They have the last lignite research dept. Will lead to low-cost graphene and superconductors and ortho-water additive to make fuel and low-cost batteries.
If we start using all that lignite Victoria will become the richest state on Earth.
or
The credit crisis which has just begun will crash house prices and destroy Australia’s banks.
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The Australian banks have exposed themselves to huge and unacceptable risk by investing in or funding stranded assets like wind, solar and Big Battery plantations and further, have foregone substantial revenue by failing to invest in or fund hydrocarbon energy projects.
Get woke. Go broke.
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Plus the Australian superannuation funds that are captured by the Green Blob and are heavily invested in ruinable energy.
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Yes.
The whole Australian “renewables” Ponzi scheme relies on the mythology that wind and solar are the future when they are all based on lies, which is why the Australian Government wants to outlaw “climate misinformation” (i.e. the truth).
No matter how fanatical the Uniparty commitment is to this madness it will inevitably collapse as all unsustainable activities eventually do because at some point Australian Government’s will no longer be able to keep borrowing money to keep the scam going. Debt (federal, state, local government) is now over $2.23 trillion and growing rapidly without restraint. It must end soon when Australia and its dysfunctional renewables-based economy can no longer meet its debt servicing obligations.
And when that happens, the pain will be extreme.
Banks and superannuation (retirement funds like 401K in the US) have placed themselves at huge risk “investing” in these non-assets.
Even if we get a conservative government like One Nation, the pain will still be extreme but less than with the Lib/Lab/Green/Teal blob.
It’s not going to end well.
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And when the crash comes, like all economic crashes, it will be fast and unexpected.
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Nope and nope.
All those with their snouts in the trough know the tank is running out. They have installed all sorts of subsity guarantees, legal and physical, will make it difficult to put an end to the boondooglls.
It will be unpleasant and take years. Lawyers will do well.
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All the new projects under AEMO contracts have Federal government guaranteed ROI. Taxpayers are on the hook. The Chinese proponents will be paid irrespective of electricity production.
Most belt and road projects deliver some benefit to the third world nations that take them on but the “renewables” projects in Australia just guarantee transfer of wealth from current and future generations of Australian taxpayers to China for no benefit at all.
Penny Wong currently begging in Asia for fuel supplies. What a joke they are.
All grid scale wind and solar farms on the NEM produced 3.1% of Australia’s primary energy needs in 2025. This is the best way to look at the “renewables” farce.
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I should point out that there are other proponents beside Chinese e.g. Japan, Italy, Dutch, Danish etc, But China benefits the most because they make all the junk.
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Often not understood or remembered is Superannuation Guarantee Levy introduced by Labor Government 1983-1996 period, a levy against employers on behalf of employees for investment into a superannuation fund account for retirement funding purposes. Then followed Union owned Industry Superannuation Funds, union trained executives and others from the ALP world were employed. Member funds were invested into publicly listed companies providing Funds with influence and even seats on Boards of Directors.
The left side has also infiltrated many organisations including banking and other business associations, a former Queensland Labor Premier retired to banking as association CEO, for example.
The tentacles of the Union Movement in Australia reach far and wide and unions have become major business shareholders and owners, example labour hire firms named at the Trade Union Royal Commission.
When the web is examined there are strands leading from government (all three levels of government) legislation and regulations primarily Federal followed by complimentary State Parliaments, the Upper and Lower Houses of Parliament with Upper Houses often blocking any Lower House legislation including repeal bills, and then the private sector manipulators.
Oh what a wicked web they weave when first they practise to deceive.
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ESG……..Extreme Shortages Guaranteed !
Ain’t that the truth !
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Thanks to Matt Canavan for showing us the true message of ESG.
Remember even Larry Fink told us that we must abandon unreliable, clueless, toxic, super expensive W & S because it doesn’t supply enough energy for their AI etc.
Bill Gates also led the charge for reliable, cheaper energy and suddenly woke up to the need for reliable, cheap BASE-LOAD energy for the rest of the century.
So when will Aussie banks wake up to their BS and nonsense and abandon their W & S lunacy?
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But wait… didn’t ScoMo promise no net zero..? If you still believe Canavan will follow through on his big talk after all the years of lies, then I have a bridge to sell you.
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Morrison Government late 2019 to May 2022, Albanese Labor since May 2022.
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The LNP will not dump net zero, nor the Paris Accords, nor all the mind boggling subsidies!! They are married to it. There’ll be weasel words like “ the accords are non binding” . If they’re non binding WHY ON EARTH WILL THEY NOT DISASSOCIATE THEMSELVES FROM THE ACCORDS?? I know they have no intention of dumping the whole scam, ever!! A “ watered down “ version is not acceptable either simply because the watered down version will be regenerated into the full blown scam/hoax all over again!! Matt Canavan will end up with OneNation when he realises the Liberal Party room has no intention of allowing full withdrawal from the scam!!
Therefore I will never ever vote for them again & neither will the majority of conservatives!!
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Whatever the databanks require, we want the same.
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While David Littleproud was a good man, the Nationals needed a leader who would remind the country of how much it depends on its rural industry. Matt Canavan is a tireless worker who is doing just that. He is fearless and will not rest until the disastrous policy of Net Zero is no longer held by government. Given the relentless pursuit of the current government in allowing foreign companies to exploit this policy for enormous profit, he has an enormous mountain to climb.
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Until he can turn the LNP ship to declare the UN Climate Change™ hoax a hoax he remains a UN stooge; captured by UN global interests.
There is no viable way to sit on the fence on this issue. He and LNP have to align with One Nation on calling out all the UN poo.
No more UN-party – vote One Nation.
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President Trump cancelled the Paris Agreement for USA, President Biden reinstated it.
Until the Coalition is back in government they can only say they have abandoned net zero agenda and explain their plans for the future, as Taylor and Canavan have been doing since they became Leaders of Liberal and National parties earlier 2026. As Minister for Energy, both have been the Minister in past governments, they have worked in accordance with what they now propose if elected to government.
Since 2025 election PHON had 4 members elected and later elected again as a National MP Joyce joined PHON to make them a micro party of 5, as compared to Greens 11, and Liberal National (LNP QLD) 70, was 71 !!!
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Dennis,
Not good enough.
The point of the conservative side is to knock stupid ideas down. The Liberals don’t do this anymore. Why exactly is it that they *can’t* declare the whole global warming thing as a pseudo-scientific scam. There’s abundant evidence to back it up, and all it would take is bit of courage. Instead, they deliver word-mincing we’ll step back from net zero, but still see CO2 emissions as hazardous.
As for wider politics, you show commendable loyalty to them, but they didn’t show much to Tony Abbott after he had led them to a strong victory. And they stuck us with Turnbull. Turnbull!! All he did was generate stupid ideas. A Labor government under the Liberal banner.
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I am not a member of any political party but have been a conservative side voter from the first vote I cast at an election.
However, from an early age I have been exposed to politics, oppositions and governments, and describe my experiences as a “fly on the wall” close observer.
At the end of the Howard Government November 2007 the Coalition rejected the new left faction attempt for their leader to become Opposition Leader and elected Dr Brendan Nelson, he was undermined relentlessly by the left and in 2008 their leader Turnbull managed to replace Nelson by a narrow reported party room vote majority. That is when division first became obvious and in 2009 Turnbull was replaced by Abbott as Opposition Leader and he led the Coalition to for all intents and purposes defeat Gillard Labor at the 2010 election and forced PM Gillard to form an alliance including Greens to put together a minority Labor Government. At the 2013 election the Abbott Government defeated Rudd back again Labor in a landslide defeat, Abbott had proven his credentials well and truly.
By end of 2015 Turnbull replaced him again by a narrow margin of Liberal MP votes, and at the 2016 election the Coalition lost all the new seats they gained in 2010, the Coalition held on to Government with one seat National Party gained.
In 2018 PM Turnbull was replaced by PM Morrison.
When PM Abbott was replaced late 2015 he held a media conference at Parliament House Canberra, he made several points, one I took notice of was his advice to journalists to not accept anonymous leaks unless the source was willing to be named, and was named. He was alluding to the relentless negativity the left Liberal faction had been spreading to undermine Nelson and later Abbott.
That tactic continues, and maybe the arrival of Teals masquerading as Independents backed by Climate 200 vested interests is worth considering?
Noting that Morrison was undermined and then Dutton, and that State Executives NSW and VIC have been captured by the left influencers until more recent years when the Federal Executive took control of NSW.
If you have read the Timeline History, I have posted the website stopturnbull here in past years, I no longer have the link bookmarked, the ambitions that led from high school through university years and towards 1990s when he was preselected as candidate for Wentworth electorate, by branch members there, replacing the sitting Liberal MP, and after the election 1996 was part of the Howard Government.
It must be noted that factions are part of all political parties and the bigger they are the more differences of opinion and objectives become, as Howard once said the Party is a “broad church”, however the traditional (Abbott an example) are Menzies Australian Liberal centre/centre right.
PM Morrison rejected the request to sign an agreement on net zero at the Glasgow COP September 2021, he said Australia will have an aspiration goal based on development of new technology (nuclear zero emissions for example?) and without damaging the economy, similar to the Howard Kyoto 1997 terms and conditions that Coalition Government set down as the guidelines.
From Prime Ministerial and Ministerial statements including what I have posted here many times Morrison Government and Energy Minister Taylor were not following the transition away from fossil fuels, one example. Earlier Energy Minister Canavan was opposed to the economic vandalism of renewable energy transition and restrictions on mining, drilling and digging. Clearly what the left influencers have pushed hard and supporting Labor Green Teals effectively the right factions have opposed, but it is always a numbers game and a one vote majority is a majority.
40
am not a member of any political party but have been a conservative side voter from the first vote I cast at an election.
However, from an early age I have been exposed to politics, oppositions and governments, and describe my experiences as a “fly on the wall” close observer.
At the end of the Howard Government November 2007 the Coalition rejected the new left faction attempt for their leader to become Opposition Leader and elected Dr Brendan Nelson, he was undermined relentlessly by the left and in 2008 their leader Turnbull managed to replace Nelson by a narrow reported party room vote majority. That is when division first became obvious and in 2009 Turnbull was replaced by Abbott as Opposition Leader and he led the Coalition to for all intents and purposes defeat Gillard Labor at the 2010 election and forced PM Gillard to form an alliance including Greens to put together a minority Labor Government. At the 2013 election the Abbott Government defeated Rudd back again Labor in a landslide defeat, Abbott had proven his credentials well and truly.
By end of 2015 Turnbull replaced him again by a narrow margin of Liberal MP votes, and at the 2016 election the Coalition lost all the new seats they gained in 2010, the Coalition held on to Government with one seat National Party gained.
In 2018 PM Turnbull was replaced by PM Morrison.
When PM Abbott was replaced late 2015 he held a media conference at Parliament House Canberra, he made several points, one I took notice of was his advice to journalists to not accept anonymous leaks unless the source was willing to be named, and was named. He was alluding to the relentless negativity the left Liberal faction had been spreading to undermine Nelson and later Abbott.
That tactic continues, and maybe the arrival of Teals masquerading as Independents backed by Climate 200 vested interests is worth considering?
Noting that Morrison was undermined and then Dutton, and that State Executives NSW and VIC have been captured by the left influencers until more recent years when the Federal Executive took control of NSW.
If you have read the Timeline History, I have posted the website stopturnbull here in past years, I no longer have the link bookmarked, the ambitions that led from high school through university years and towards 1990s when he was preselected as candidate for Wentworth electorate, by branch members there, replacing the sitting Liberal MP, and after the election 1996 was part of the Howard Government.
It must be noted that factions are part of all political parties and the bigger they are the more differences of opinion and objectives become, as Howard once said the Party is a “broad church”, however the traditional (Abbott an example) are Menzies Australian Liberal centre/centre right.
PM Morrison rejected the request to sign an agreement on net zero at the Glasgow COP September 2021, he said Australia will have an aspiration goal based on development of new technology (nuclear zero emissions for example?) and without damaging the economy, similar to the Howard Kyoto 1997 terms and conditions that Coalition Government set down as the guidelines.
From Prime Ministerial and Ministerial statements including what I have posted here many times Morrison Government and Energy Minister Taylor were not following the transition away from fossil fuels, one example. Earlier Energy Minister Canavan was opposed to the economic vandalism of renewable energy transition and restrictions on mining, drilling and digging. Clearly what the left influencers have pushed hard and supporting Labor Green Teals effectively the right factions have opposed, but it is always a numbers game and a one vote majority is a majority.
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Robert
” All he did was generate stupid ideas.”
He generated a lot of economic activity too, I believe he still is.
Too bad he never heard of the broken window fallacy.
Some economic activity is wasted.
10
It appears you support the Canberra swamp. It needs fresh faces from industry.
Owning and running a fish shop is far more practical experience to running a country than getting an arts degree majoring in political science; joining the union movement and getting endorsement because you have learnt to lie better than your cohort.
We do not want liars in politics. We want people who work tirelessly for their hard earned convictions.
Pauling Hanson is rising above the lying swill simply because she is honest. Honesty is the greatest virtue in politics. Not many of the existing bunch have that.
Look at what Vic Libs did to Brad Batton. So bad that Sam Groth could not stomach it. Brad Batton is honest so not fit for Liberal leadership. He was a policeman. Can you imagine a policeman as the Premier of Victoria – organised crime in the State could not contemplate that outcome.
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It would be more helpful is situations were analysed and not discussed as if it is or was a party of members all involved matter/s.
As Howard once observed, the Party is a broad church.
Consider Labor, far left factions to centre left factions and union controlled, unions now big business investment managers.
PHON is Five and at the 2025 election four of them, number five was elected as a National MP and later changed to PHON and is there only House of Representatives MP.
From my business management experience it is much easier to mange a couple of people than to manage large numbers.
13
Dennis, the whole problem with the Liberals is that they are fence sitters and believe in nothing.
If they believed in something they wouldn’t need to wait until the unlikely event of their election to say that they understand that catastrophic anthropogenic global warning is a scam and they will extricate Australia from it.
TRUMP had no problem proudly proclaiming that and his intention to leave the Paris Agreement before he was elected, why can’t the Libs?
As Robert said “Not good enough”.
That is why people are deserting the Liberals in droves and going to One Nation.
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Coalition’s Position on the Paris Agreement
The Coalition in Australia has signaled a potential shift away from the country’s commitment to the Paris Agreement. They argue that the current emissions reduction target of 43% by 2030 is unachievable. If elected, the Coalition plans to focus on alternative energy sources, specifically gas and nuclear power, rather than pursuing net-zero emissions.
Key Points
Emissions Reduction Target: The Coalition has expressed intentions to abandon the 2030 emissions reduction target, claiming it is unrealistic.
Energy Policy Focus: Their strategy includes a significant reliance on gas and nuclear energy as part of their climate policy.
Commitment to Paris Agreement: While there have been mixed messages, the Coalition has clarified that they are committed to the Paris Agreement, but with a different approach to emissions targets.
Implications
Economic Considerations: The Coalition emphasizes that their energy policy will prioritize economic growth and affordability for families and businesses.
Criticism from Opponents: This stance has drawn criticism from environmental advocates who argue that abandoning ambitious climate targets could have severe consequences for Australia and its international standing.
In summary, the Coalition’s approach indicates a significant shift in climate policy, focusing on economic factors while potentially undermining Australia’s commitments under the Paris Agreement.
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Dennis
With a confused policy like that, if they win they will be able to say whatever they do they have a mandate. No honesty or clarity at all.
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Vicki, I had a lot of time for him for a long time, but his first up hit on ON for absolutely no reason took him back a long way in my estimation…………would have been better directed at the useless Government in power instead of cheap shots at Pauline and ON….IMHO….I despise the Uni party….
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You accept the propaganda, note that PHON have often attacked National and Liberal MPs and it is clearly done to provoke their response and then headline grabbing by PHON claiming to be victimised.
Listen to what is said, clearly in reply.
32
Both Matt Canavan and Angus Taylor have impressive educational qualifications and private sector experience before entering politics
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Big talking Canavan. That’s all the LNP will do, is talk, and then do the opposite. Where were they in 2018 when the banks were actually doing the shutting down?
150
Please explain to us how private sector banking businesses with shareholders could be controlled by any government, apart from governmemt watchdog Australian Prudential Regulatory Authority- APRA established 1998 by the Howard Government following Labor deregulation of the banking and finance industry 1985 with no industry specific governmemt watchdog department, and then the 1990 worst recession in 60 years began, economy over heated by banking loans and entrepreneurs taking advantage of the easy finance to buy companies and strip the assets, targeting companies that failed to revalue assets regularly.
Consider the Banking and Finance Royal Commission and evidence published, not a clean slate by any stretch of the imagination, but private sector business cannot be dictated to by government outside of existing laws and regulations compliance requirements
40
As I say again. Why has it taken so long for our “Captains of Industry” to wake up to this nonsense?
And I think the average punter still has no idea.
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Up to 27% is not yet average but it is getting there. When One Nation are polling at 50+% we will know the average voter is on the bus for a sane future rather than the insanity that currently prevails.
For two decades now Australians have been told that adding “renewables” to the grid will lower electricity prices. Some go in and prices go up. If we fix this issue we can add more and prices will come down. Prices go up. If we fix this new issue prices will come down. Prices go up. Now Australia has a fuel shortage and Blackout tells us that adding more “renewables” will solve that issue.
Australians have a sensitive hip-pocket nerve and there is no way of avoiding closer scrutiny when that nerve is hurting.
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As a voter can you explain when PHON will get rid of these problems, I want an end to them.
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So how can these banks defend their stupidity and they should be made to witness the deliberate killing of the Koalas and enabled through their funding of toxic, dangerous W & S?
180
Let us remind the banks that they do this not with their own money but with ours. Government is not without big sticks if it chooses (and if it resists bribes).
We need a campaign that keeeps it up until ‘banker’ is regarded as a dirty word, a word of shame.
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Anton,
My bank declines to answer the question of who owns the money.
I had a form of direct deposit operating. I wanted to end it. I went to my bank and told them to stop it. They said that they could not and would not.
The bank relied on an obscure clause from the 100+ page bank/client agreement, one clause of many that is not enforceable, like “You must not reveal your security access number to any other person, not even your spouse or family.”
Most people with bank accounts will have a similar agreement when most of us have never read it, let alone agreed after “informed consent”.
Do yourselves a favour. Read your agreement, then tell your bank which bits you want changed or deleted. Good luck. They have you by the short and curly.
No government body will support your efforts to get a proper legal agreement. Geoff S
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The banking sector is thinking far further into the future than you are. It is not in the banks’ interest to participate in the collapse of the global economy by bankrolling environmentally unsustainable activities.
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I often wonder if you actually believe your own BS Simon.
310
He is so full of it, some spills out and he brings it here.
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Yes, we believe you Simon. The bankers are just nice guys worried about 1.1 degrees of global warming in 100 years.
You know, we know, everyone knows — the global economy is not going to collapse in the next 10,000 years because of one degree of warming, or even two or three degrees. It happens every year, every month, every day. Humans live in a 90C range of temperatures on Earth, but a tiny shift will wipe us out. Sure Sure.
And Bankers are just caring, long term thinking types, which is why they spend billions on high frequency trading schemes, and would never feed off, create or exploit the boom bust cycles of fiat currencies.
1819, 1825, 1837, 1857, 1866, 1873, 1893, 1901, 1907, 1914, 1929, 1973, 1987, 2000, 2008 etc.
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Many years ago I had an informal social meal with a senior banker, not branch manager but head office and senior manager. The conversation turned to mortgages and to my surprise he became quite aggressive and told me when a person borrows from a bank they are obligated and the bank owes them no favours, pay up or else.
Even when banks mislead clients, example years ago business debtors who were advised by branch managers under instructions from their head office management encouraged debtors to change their loan into Swiss Franks and benefit from the exchange rate applicable to reduce exposure or debt liability, and a few years later when that strategy effectively reversed and the debt increased, and interest liability, the banks were indifferent and continued to demand settlement based on type term of the loan. Many debtors could not meet the repayments and eventually their bank took control of their assets that the loan applied to and sold often below market value.
Lawyers advised many clients that taking banks to court was not recommended because the banks would use delaying tactics to push legal costs up and therefore unaffordable.
100
The banks took the view that, as the world was warming it would be financially prudent to wear a virtuous green cloak.
‘ … bankrolling environmentally unsustainable activities.’
Snowy Hydro 2 comes to mind.
161
Banks have shareholders, investors, and deposit-holders. They are acting in their own narrow self-interest to maximise return. Future cashflow estimates are adjusted for discounting and risk, and that depends upon what their loans are used for and the probability of default. There is no point in investing in a stranded asset.
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Not lending money to a risky project where a return is unlikely makes sense. But that should be assessed case by case. We have situations where banks announce that they won’t be lending money to projects in a particular sector (oil, gas, coal) as a policy. That’s idealism / activism and not risk based project assessment.
200
“There is no point in investing in a stranded asset.”
The laughable thing is, with the advent of databanks, toxic W&S and BESS risk becoming just that, stranded assets.
90
I agree completely Simon.
The banks preferencing wind, solar and Big Battery plantations was a huge mistake.
They should have invested in profitable or potentially profitable hydrocarbon fuel discovery and exploitation instead.
100
“bankrolling environmentally unsustainable activities”
But that is exactly what they are doing. They are bankrolling the destruction of millions of tres, and the killing of vast numbers of native animals, including koalas.
Then they are supporting projects that will kill millions of native birds and bats, and leave behind huge quantities of irremovable concrete slabs, and allowing the burial of fibreglass and foam blades and solar panels in landfill.
If this was being done by a mining company, you would be up on your high horse screeching in opposition.
Take your hypocrisy elsewhere.
110
The banks are just following their masters orders and maybe that’s the scary part, because the masters are the UN / WEF globalists that dictate orders to our government and institutions. A few nights back we had Christiana Figueres on “our” ABC’s 7:30 Report, explaining why Australia had a moral obligation to pay large sums of money to Pacific Islands for the damage we have caused from the combined effects of climate change and colonialism. And instead of asking how or why our 1% of emissions is causing damage or highlighting that Australia has never colonised a single Pacific Island, Sarah Ferguson said “Thank You”. The CC scam has never been about facts, it’s all about taking power and control from the people of democratic nations. If facts mattered, China would be forced to pay billions in climate reparations to every nation on earth, instead of being given a free pass to emit as much as they please.
260
Remember back when the bankers said, ‘if you don’t sign up to the Paris Agreement, we will have to charge you extra interest on your debt’.
150
Yep, as spoken by then Treasurer Josh Frydenberg. I watched him say it on TV. My immediate thought was that the bankers were acting illegally and demanded prosecution.
Nobody had the ticker. Geoff S
190
Serge
satellite measurements indicate that both Australia and America are nett negative for CO2 emissions,have been for years, we owe nobody at all, any reparations for something that we have not done.
That’s not even considering pacific island area growth and the dishonesty and corruption of the UN.
30
And when we reform the banks, let’s not forget to eliminate the accursed “Cantillon Effect” from their operations.
It’s not hard to understand. If you go to Mises.org there are numerous articles that explain it. Just search for the term “Cantillon”.
The fat cats don’t want you to be aware of this Effect, so use that as motivation to educate yourself.
Don’t vote for politicians and parties that never criticize the Cantillon Effect… though it’ll be a challenge finding one who can explain it.
91
We should ask the banks what difference it would make to the world’s temperature if Aussies shut down the use of all fossil fuels?
Here’s the data link and you’ll notice that all of the increase in co2 emissions since 1988 has come from the NON OECD countries like China, rest of Asia etc and NOT the developed wealthy OECD countries.
The trend line for the world hasn’t changed much since 1945 and that horizontal line at the bottom are Aussie co2 emissions.
So what difference would we make if we stopped emitting all co2 today?
And that’s if we believe co2 has much of an influence on global temperature.
Don’t forget that co2 is just 0.0425% or about four hundredths of 1% of the atmosphere and the entire SH is already a co2 net sink. See CSIRO Cape Grim site.
So why can’t the banks spend just a few minutes online and start lending Aussies money for cheap, reliable BASE-LOAD energy ASAP?
https://ourworldindata.org/grapher/annual-co2-emissions-per-country?country=OWID_WRL~OECD+%28GCP%29~Non-OECD+%28GCP%29~AUS
180
A couple of Volcanoes going off can negare any alleged reduction in Emissions.
Any modelling on that?
In any event CO2 is not a problem or a dangerous emission.
180
Simple Nev, it’s 0.0000000000001c.
70
The massive misinvestment into “renewables” starting with John Howard three decades ago and continued by the Uniparty ever since has done extreme damage to Australia and the harm will take decades to repair, even if we got a conservative party.
190
ESG really stands for Economic Suicide Guaranteed and NOT the Woke meaning.
Emissions Impossible and Reality beats Ideology.
100
Many people reading this blog are shareholders. YOU shareholders get to vote against the incumbent boards/policies of the bank you hold shares in. Take the time and vote AGAINST the board every time. You only need to reach 25% to cause ruptions, particularly where their remuneration is concerned. Complain AND act!
As for responsible banking I Googled AI about who lends money to Victorian Govt. Apparently the big banks all do. As I own Westpac shares AI told me its share was $33 Billion! Does Westpac or Jacinta Allen have the problem? I doubt if many readers realise the extent of shareholdings by foreign interests-check it out for yourself. Are the banks now run in the interest of Australians, or non-Australians? The problem with the woke banks not only is an economic and social issue but perhaps one of national sovereignty.
120
The trouble is the Big and Union Super Funds also vote and they are all Woke.
110
I think you need to own shares directly to vote as you indicate. Many people have money invested in mutual funds that have shares in banks and hundreds of other companies. I fit that category and I don’t get to vote. I quit buying direct shares many years ago, partly because of the paper work, tax computations, and such.
100
The tax computations are a nightmare, especially if you partially reinvest dividends for more shares as I do.
80
The Trustees of the Super Funds are the legal owners of the shares. A super fund member is only a beneficiai owner and so cannot vote.
30
Check bank private banking accounts for special clients
40
WOKE.
Wreck Our Kids’ Education.
…..
Note the educated use of the apostrophe.
How many school kids will be taught this?
Geoff S
110
The Big Four Banksters. A long way from counting money boxes and real service based on your money. Now it’s their money and like a relentlessly broody chook they sit on our dough for fear it will be used to bless Australians wanting to take advantage of our God-given natural fuel resources and mineral wealth.
50
The more discussion takes place surely it must be obvious that the octopus we are facing has many tentacles, and the head is called United Nations?
The web woven is strong, it involves governments and private sector vested interests.
To quote John L Carre again – I think we are dealing with an octopus …. “Advertising as news. It’s very skilfully done. The methods of seducing the media, the ingenuity of the spin has reached the point where we, as a general public, have never been lied to by such sophisticated means as now.”
The political spin such as uniparty is propaganda and glosses over the problems and hurdles, but clever if you support the left and the left leaning political agenda that the Fabian Society of Marxists founded UK late 1800s describes as “the inevitability of gradualness”, it won’t happen overnight, but perseverance and it will happen eventually.
And tied up in red, green and black tape laws and regulations and compliance costs.
80
Correct me if I am wrong but I always believed that:
Banks only exist by Act of Parliament 👩⚖️
Q. Does not the Commonwealth Government under Section 51 of the Constitution have a legal obligation to make laws for peace order and good government? 😱
Q2. How is discrimination by Banks against legal entities within the Commonwealth of Australia lawful? 👩⚖️
40
Overview of Section 51 of the Australian Constitution
Section 51 of the Australian Constitution outlines the legislative powers of the Parliament of Australia. It grants the Parliament authority to make laws on various matters, including banking.
Banking Powers
Incorporation of Banks: The Parliament has the power to legislate regarding the incorporation of banks.
Issuance of Paper Money: It also includes the authority to regulate the issuance of paper money.
Scope of Banking Legislation
Interstate Banking: The banking powers specified in Section 51 extend beyond the limits of individual states, allowing for a unified banking system across Australia.
Federal Oversight: This section ensures that banking operations are subject to federal laws, which can override state laws in case of conflicts.
This framework is essential for maintaining a consistent banking system throughout the Commonwealth, facilitating trade and commerce across state lines.
20
I’m willing to take my money out of a “Big 4” Bank-100k!
Who would you suggest Jo? And why don’t we do more of this to “our” banks?
30
Definitely not Bendigo bank.
30
At a glance: Who owns my bank?
Bank Bank brands
Westpac St.George, Bank SA, Bank of Melbourne, RAMS
NAB Ubank
ANZ Suncorp Bank
CommBank
Bankwest, Aussie (part owner), Lendi Group (part owner)
Bendigo and Adelaide Bank
Bendigo Bank, Adelaide Bank, Up, Rural Bank, Alliance Bank, Delphi Bank
Bank of Queensland
ME Bank, Virgin Money
10
WE are having this conversation AGAIN. After bankers caused the 2007/8 crash with their absurd schemes, ‘banker’ should have been an insult.
40
About the monopoly of the bankers oligarchy.
Based on a true story.
https://en.wikipedia.org/wiki/Bank_of_Dave_(film)#:~:text=True%20story,-The%20film%20gives&text=While%20the%20basic%20story%20and,of%20the%20film%20is%20fictional.&text=The%20rock%20band%20Def%20Leppard,raising%20concert%20at%20Turf%20Moor.
10
Serge
satellite measurements indicate that both Australia and America are nett negative for CO2 emissions,have been for years, we owe nobody at all, any reparations for something that we have not done.
That’s not even considering pacific island area growth and the dishonesty and corruption of the UN.
30
All mutual funds and ETFs shoukd have a rule that they cannot vote on the investments themselves, they can only pass on the real owners’ votes.
10
Mutual funds and ETFs are apples and oranges but both have unbreakable rules. For example a standard ETF is long only the particular investment it is chartered to invest in and venture capital is outside their purview. Most mutual funds are conservative and are long only with restricted investments. Again venture capital is verboten.
You are brave if you are going to tell super funds that they MUST invest a percentage in new power stations.
00
Roger Pielke wrote an article on the climate economics that have lost touch with reality.
https://emailshare.cmail19.com/t/n/d-l-a0ddcacb442a11f1993cb76cb49d25c3-l-d-r-l/
10
I would like Matt Canavan to release the name of the bank that refused to lend to build the refinery at Gladstone.
10
Financing for projects of that size is done internationally so would not be dependent on any individual local bank.
00
“As we run low on petrol, diesel, fertilizer and plastic, thank the bankers”
I think we will be thanking Orange Jesus long before the bankers.
00
The two Kings engaged in some banter: The King of the US said that without the US the other would be speaking German to which the King Charles the one hundred and eleventh of England retorted that without England they would be speaking French. Fine, that’s repartee but not accurate.
Any thought that Germany would cross the channel, Operation Sea Lion, was dashed when The Few in hurricanes and spitfires broke the back of the Luftwaffe long before Pearl Harbour woke the Yanks from their slumber.
Now, actually winning the war was another problem entirely.
01
The few British Spitfires did never brake the back of the Luftwaffe. That is ignoring the fact that England only fought at one front while the Luftwaffe had to fight at numerous fronts at the same time. Why did German Luftwaffe aces have up to 200 kills while the best British ace only had about 30?
00