Trans-Tasman double standards

Federated Farmers says the Bank of New Zealand (BNZ) demanding an 11% reduction in farming emissions by 2030 has exposed an outrageous Trans-Tasman double standard.

National Australia Bank, BNZ’s parent company, does not have the same emissions reduction target for their Australian farming customers – in fact, they don’t have a target at all.

“This is a disappointing case of ‘do as I say, not as I do’ from a big Australian-owned bank,” says Federated Farmers banking spokesperson Richard McIntyre.

“What’s good for the goose should be good for the gander. This is an appalling double standard and BNZ’s farming clients in New Zealand deserve an explanation.”

National Australia Bank are yet to put in place an emissions reduction target for Australian farmers because of concerns about the impact on food supply and regional communities. “Clearly, they don’t share the same concerns for New Zealand’s rural communities or the food production that underpins our economy,”

McIntyre says. “That’s a total slap in the face for Kiwi farming families who already have a significantly lower carbon footprint than farmers across the ditch.”

Federated Farmers’ latest banking survey showed that only one in 11 farmers supported banks setting climate change targets. “There is absolutely no need for banks to be getting involved in setting climate targets for Kiwi farmers. It’s shameless corporate greenwashing,” McIntyre says.

“We already have ambitious emissions reduction targets set by the Government, and further targets set by our milk and meat processing companies. Having another target from our banks just adds extra layers of needless cost, complexity and reporting that won’t lead to any further emissions reductions. They should stay out of it.”

McIntyre says BNZ, and their parent company National Australia Bank, should be ashamed of the way they’re treating Kiwi farmers with this unfair Trans-Tasman double standard. “They might be called the Bank of New Zealand, but they’re clearly not a bank for New Zealand – or New Zealand’s farmers and rural communities.”

Unfortunately, BNZ isn’t the only bank unfairly targeting Kiwi farmers. Earlier this week Federated Farmers slammed Westpac for setting tougher emissions reduction targets for farmers in New Zealand than for their Australian farming customers. McIntyre says Kiwi farmers simply don’t trust foreign-owned banks to be setting emissions reduction targets.

“We don’t want or need them,” McIntyre says. “This is something Parliament’s banking inquiry, which is currently underway, should be taking a much closer look at.”