TEL takes aim at ‘virtue signalling’ banks, insurers

Townsville Enterprise has slammed financial institutions for 'virtue signalling to inner city wokism' with the positions being taken against those in the mining sector. The regional development group is among those appearing today before the Joint Standing Committee on Trade and Investment Growth for its inquiry into the prudential regulation of investment in Australia's export industries. Townsville Enterprise said its submission highlighted the critical role of the mining and resources export industry on the national economy, and called out the unsubstantiated ideological positions of banks and insurers taken against those working within this sector. There are approximately 18 insurers and reinsurers locally and globally that have all recently updated their positions on coal and mining related risks to some extent with most choosing to either not provide or drastically reduce their capacity to support business who are generating more than 30 per cent of revenue from thermal coal. Townsville Enterprise chief executive officer Claudia Brumme-Smith said a level playing field to access finance and insurance in Australia for any lawful business activity was not too much to ask, particularly for hardworking, reliable entities. “These financial institutions don’t have a monopoly on moral authority, they have a monopoly on craven virtue signalling that is costing regional jobs, hurting our resource economy, and ultimately stunting Australia’s prosperity,” Ms Brumme-Smith said. “These institutions are so busy virtue signalling to inner city ‘wokism’ they’ve forgotten how to be members of Team Australia. Townsville Enterprise chief executive. “There is significant risk not just to regional communities like ours, but the nation, when major finance and insurance institutions apply bias to appease their capital city clients. “We expect nothing less than a fair ruling for all. North Queensland will not be dictated to by positions driven by ideology and devoid of facts. “If there is global demand, then there is no reason why these institutions should not offer finance and insurance. It creates a dangerous precedence for our nation if this is allowed to occur." The mining and resources industry collectively contributes $3.2 billion to the North and North West Queensland regional economies, supporting almost 20,000 local full-time jobs. Additionally, the sector generates $4.5 billion in royalties each year shared across Queensland. Ms Brumme-Smith said whilst an eye must certainly be kept on future technologies, support must continue towards existing industries. “We’re technology neutral and jobs positive when it comes to economic prosperity in the north. We take every opportunity that comes our way and will not let unfounded assessments railroad the development of Northern Australia,” Ms Brumme-Smith said. “As of this year, Bravus had signed $2.2 billion in contracts to build the Carmichael Mine and Rail Project. In under two years since the project was greenlighted by the Queensland Government the company has employed more than 2600 locals in our community. Now is the time we need sustained jobs to support families, not a time to rip the cord on them. “SME’s in our region have been bullied into silence by the big banks and foreign insurance companies not to speak out for losing even the small amount of support left for them to continue as resources sector businesses. “They’re good corporate citizens trying to keep millions of Australians in jobs and put food on the table for families." A recent membership survey undertaken by the Queensland Resources Council (QRC) found that 75 er cent of respondents said accessing banking or lending services had become more difficult, with an increase of between 50 and 85 per cent in banking costs over the last two years. When it came to insurance, 90 per cent of respondents said they had experienced major change in insurance as a result of working in the resources industry and that the cost had increased by between 90 and 120 per cent over the last two years.

TEL takes aim at ‘virtue signalling’ banks, insurers

Industry Queensland

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