NATIONAL AUSTRALIA BANK RURAL AND REGIONAL BRANCH CLOSURES
ANNIVERSARY OF FIRST AUSTRALIAN LABOR PARTY MEMBERS OF PARLIAMENT
Page: 1936
The Hon. TONY KELLY [11.14 p.m.]: I am disgusted with the leadership team at National Australia Bank and its decision to shut up shop in 56 towns across rural and regional Australia. It is a shocking, poorly thought out decision, which will affect 14 country towns in New South Wales alone. It reflects a bank out of touch with the needs of country communities—a bank willing to abandon its obligations to the community in a relentless pursuit of obscene levels of profit, and cost-cutting for its own sake. The decision is a slap in the face for those country towns, many of which have actually started to turn things around and are heading towards a brighter future. But it is obviously a future without the National Australia Bank.
Let us revisit the chain of events leading up to this announcement. Despite a staggering $2 billion profit last year and this year's $2.2 billion profit announced just today—profits built on the fees and loyalty of ordinary customers—the management of the National Australia Bank, whose chief executive officer is reportedly on a base salary of at least $2 million, managed to squander $3.6 billion in a poor investment decision in the United States. After such a debacle one would expect those responsible, that is the management team and its leader, would be held accountable and promptly dealt with. The ordinary man in the street would see that as not only fair but a sensible business practice. This is why bank executives are on their multi-million dollar salary packages—to get things right, for the bank, its employees and most of all its customers.
But no, things work quite differently at the National. There, those responsible not only keep their jobs and their bloated pay packets, whilst country banks, their staff, customers and the community are made the fall guys for the management's failed overseas speculations. This blame-shifting and incompetence is matched by an audacity that knows no bounds. We had the spin doctors fronting up to the public explaining that the closure of banks was in no way degrading services, and that country people actually prefer and would come to love joining the queues at their already overstretched post offices.
I also received recently some brochures from the National Australia Bank promoting the bank's "continuing commitment to the community". One of those commitments, according to what can be read on the back of the pamphlet, is an online service that asked for "ideas that work". May I suggest that a fully functioning National Australia Bank in places such as Gulgong, Milton, Baradine or any one of the 14 New South Wales country towns that is set to lose a branch would be seen by those communities to be an idea that works!
As I have said, the National Australia Bank's decision has revealed that it is an institution that is out of touch with the needs of everyday Australians. The decision deprives the affected towns of services and pay packets being spent in the local community, week in, week out. It is an antisocial, anti-growth and anti-country decision. Rather than being a partner in rebuilding country New South Wales, the National Australia Bank is clearly unwilling to carry out its obligations to the community. Rather than be part of the solution, it is being a hindrance to the ongoing vitality and growth of the country. To add insult to injury, the National Australia Bank refuses to do the right thing and accept the offer made by the ANZ bank to take over the branches.
I call on the National Australia Bank to revisit the ANZ bank's offer so that country customers who have been abandoned can access decent banking services, not just second-rate facilities. If the National Australia Bank intends to renege on its commitments to long-serving staff, loyal customers and their communities, it should at least have the decency to allow some other banking organisation to offer people the services they pay for and deserve.
I take this opportunity to alert honourable members to the fact that today is a very important day for the Australian Labor Party—the anniversary of the election of the first three Labor Party members to Parliament in this country. In 1890, three members of the Australian Labor Party were elected, coincidentally, to the South Australian Legislative Council. In the very same year, a member of the Australian Labor Party was elected to the lower House in South Australia—not to a city seat, but to a country seat—so the very first Country Labor member of Parliament in Australia was also elected in 1890. It is with pride that I celebrate the election of those members of the Australian Labor Party in 1890 and remind members of this House that, as the oldest democratic socialist party in the world, the Australian Labor Party is assured of representation in Australian Parliaments over the next 100 years.