Friday, 10 May 2024

Shadow Minister for Resources, Senator Susan McDonald, has lashed a decision by ANZ bank to refuse funding for new oil and gas projects as weak and counterproductive, saying that Labor’s homegrown energy crisis is a sure sign that Australia needs more gas and oil projects, not less.

“Australia has a strong record of investment in energy projects, which have until recently kept the lights on and energy prices low.

“Thanks to the Albanese Labor Government, our energy market has come under intense pressure, and our energy sector needs continued, secure investment to keep households and businesses powered.

“It is astounding that a national bank, which receives substantial deposit guarantees from Australian taxpayers and has community service obligations, can turn its back on Australians and put ideology first by refusing to finance Australian gas projects which remain the backbone of our manufacturing sector, and will continue to provide affordable energy to the country for decades to come.

“As Labor finally starts to admit that they were wrong, and more investment in gas is needed – despite the last two years of continued political attacks on the sector – ANZ have decided they know better, and have folded under pressure from the radical Greens political party against the best interest of Australia.

“Australian banks should be making investment decisions that benefit all Australians, not pandering to fringe activists.

“Albanese’s grand plans for his Future Made in Australia is Dead on Arrival without extra affordable gas supply, and the Prime Minister must tell Australians whether he supports ANZ’s decision to end finance for oil and gas, or if he is genuine about supportingmanufacturing and energy security for the nation and what he is going to do about it.”