Finance

Walsh calls for local banking to stay local

Wednesday, 13 February 2019

Communities in the Murray Plains electorate will miss out under an Andrews Labor Government plan to force Victoria’s schools and hospitals to put their banking through Sydney.

Labor’s ‘centralised banking’ plan will force state-owned organisations to close accounts with their local banks and transfer money into the Government’s Sydney-based Westpac accounts.

Mr Walsh said the Andrews Government must abandon the ill-conceived plan.

“Daniel Andrews is demanding these funds are pulled from banks, including community banks that support jobs and investment in the electorate to put into his Sydney bank account,” Mr Walsh said.“Only this city-centric Labor Government would ignore the impacts of taking investment out of regional communities.

“Daniel Andrews likes to claim he’s ‘putting people first’, but putting all our state’s government banking through Sydney just isn’t common sense for country communities.”

Community banks invest tens of millions of dollars into local communities, with country Victoriabased Bendigo Bank alone contributing almost $114 million to Victorian communities since 1997.

Shadow Minister for Regional Victoria and Decentralisation Peter Walsh said taking money out of country communities was taking away opportunities to put money back into local sporting clubs and community organisations, for instance through programs run by Bendigo Bank.

“Local banking is good for country communities, providing investment and supporting good, secure, local jobs,” Mr Walsh said.

“Daniel Andrews must reverse his decision and make sure our sporting clubs and community groups don’t miss out on much needed opportunities to fund local projects and programs.”

 

 

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