calls for an investigation into the bank’s refusal to serve livestock companies | Weekly farm

0



The consumer watchdog has been called upon to investigate a financial institution that denies services to red meat and livestock companies in an attempt to differentiate themselves.

Bank Australia’s “responsible banking policy” is not to provide financial services to organizations that use intensive animal husbandry systems or to organizations that export live animals.

The bank promotes its practices with the slogan: “By choosing to do business with us, you will have peace of mind knowing that your money will not support the growth of harmful industries.”

His policy is widely publicized and applauded by anti-meat activists Animals Australia.

Beef and sheep industry executives allege secondary boycott provisions of the Competition and Consumption Act 2010 may have been violated by Animals Australia acting in concert with the bank to deny financial services to businesses Australian red meat and farmed.

Supreme Representative Body The Red Meat Advisory Council has written to the Australian Competition and Consumer Commission requesting an investigation.

He says the restrictive trade practice amounts to a secondary boycott of law-abiding Australian red meat and livestock companies.

“Bank Australia’s policy of denying financial services to law-abiding businesses for non-environmental or consumer protection reasons is a targeted attack on our country’s 434,000 red meat and cattle workers,” said writes RMAC President John McKillop in a letter to ACCC.

“The close relationship between Animals Australia and Bank Australia through cross-promotion in paid advertising content and digital media indicates the potential for both parties to act together to implement restrictive business practices against the supply chain. red meat and cattle.

“Animals Australia has a proven track record of public advocacy for the boycott of the livestock industries.”

Bank Australia, which started in 1957 as the CSIRO Co-operative Credit Society and has since joined 72 credit unions and cooperatives to become Australia’s first customer-owned bank, also refuses to lend to fuel companies. fossils, the arms industry, tobacco and gambling companies.

Its name changed to Bank Australia in 2015 and now has 14 branches across Australia.

RMAC argues that as an authorized government-regulated depository institution, Bank Australia has a responsibility to Australians employed throughout the red meat and livestock supply chain.

“The 77,000 law-abiding companies in our industry are the economic backbone of regional Australia, and they should not be subjected to illegal restrictive business practices,” said McKillop.

The red meat industry is fight against financial institutions who bow to loud but deceptive animal activists.

The RMAC also called on the federal government to consider ending business relationships with suppliers that do not support law-abiding companies.

ALSO IN BEEF:

Start the day with all the great farming news! Sign up below to receive our daily Farmonline newsletter.

The story Request for investigation into the bank’s refusal to serve livestock businesses first appeared on Online farm.



Share.

Leave A Reply