Milton Dick (Oxley, Australian Labor Party) Share this | Link to this | Hansard source

If it wasn't clear by now, the decision by Suncorp Bank to close the local Inala branch shows just how the big banks are putting profits before people. This follows the closure of branches in my electorate in the areas of Redbank and Goodna in 2015, other regional branches last year and in Bundaberg in February. In the second half of last year, Suncorp made a profit of almost half a billion dollars, $452 million, with its CEO reported to be earning almost $10 million a year. With numbers like these, it just goes to show how greedy the banks are by putting profits over people.

Upon hearing the news of the closure, which is sadly due to occur tomorrow, my office was inundated with calls from Inala and local residents who are rightfully angry and frustrated by this decision by Suncorp to close their much-loved local branch. I was delighted to be joined by a huge crowd of locals and our local councillor Charles Strunk just a few weeks ago outside the branch to protest this closure and the bank's arrogance by short-changing local residents when we know the huge profits they are making. Joining me at the protest was renowned local resident from the Inala seniors group Mrs Iris Moir, who told the group that the branch was always busy. She said that many of the bank's customers were elderly, had carers or were disabled and would face hardship using their accounts without access to a branch in Inala. She said: 'They became our friends. They know our names. We come here for banking services we need.' Inala Anglican parish priest Rev. Carol Palmer, who attended the rally, sees the looming closure of the Suncorp bank at Inala as a social justice problem. 'It's simple. The bank has put profits before people,' Rev. Palmer said. So I was surprised when in Suncorp's most recent annual report I read about an increased focus on elevating the needs of customers to deliver strong growth for the company. What hypocrisy! The decision to close the local branch clearly does not stack up to Suncorp's supposed focus on the needs of customers.

Today, in the national parliament, I call on Suncorp to work with seniors and pensioners to help them deal with this closure. I want to work alongside Suncorp to make sure that our seniors and pensioners are not disadvantaged. This decision has been seen by elderly residents in particular as a huge blow. We've already heard horror story after horror story from the banking royal commission. The commission has heard evidence of appalling behaviour by Australia's major banks and financial planners from the past decade, including alleged bribery, forged documents, repeated failure to verify customers' living expenses before lending them money, and mis-selling insurance to people who can't afford it. These stories include AMP admitting to lying to regulators and the Commonwealth Bank admitting that some of its financial planners have been charging fees to clients who have died. Suncorp have also been named and shamed as being a culprit. We know this because the customers are speaking out. Earlier this year, Suncorp admitted that it failed to complete a review of its standard small-business contracts to see whether they comply with new unfair-contract laws

But despite all of this, the Prime Minister and this government are hell bent on delivering an $80 billion dollar tax handout to big business, including a whopping $17 billion in tax breaks to the big banks. How on earth could any member of the government get up in good conscience and defend that? How could any person in the parliament think that, with the rorting and the rip-offs that we've seen through the banking royal commission, it's somehow good economic policy to deliver a tax break to the same people who we have seen time and time again ripping off mainstream, ordinary Australians? This mega tax handout is being given to the big banks at the same time as everyday Australian families are seeing their childcare support payments cut, their school funding cut, assistance for pensioners cut and support for university students cut.

We've heard the horror stories from the banking royal commission. We've heard the stories from customers and consumer right around the country about how the big banks treat them. Today I say to the banks: 'It's time to clean up your act and start listening to your loyal customers.' Today I pledge to play a constructive role to help the customers that Suncorp have left behind, to make sure that they're looked after, even though at this time their bank doesn't seem to worry about them at all.