Parliamentary inquiry into why banks are abandoning coal will reveal nothing

By Adam Triggs
Updated July 1 2021 - 3:07pm, first published December 21 2020 - 6:00pm
Deputy Prime Minister Michael McCormack, left, has criticised banks' "virtue signalling", and Treasurer Josh Frydenberg is backing a parliamentary inquiry into their decisions to stop financing thermal coal projects. Picture: Sitthixay Ditthavong

ANZ was the last of Australia's big four banks to announce it will stop financing thermal coal projects in Australia. The Australian coal industry will now need to head overseas if it wants to borrow funds for new projects, and many government MPs aren't happy. The Agriculture Minister called for a boycott of ANZ. The Deputy Prime Minister said such "virtue signalling" would hurt farmers. Now the Treasurer has escalated the rhetoric, backing a parliamentary inquiry into the banks' decisions.