Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Hansard source

Certainly not. That is certainly not the case. This bill is drafted, this arrangement has been struck, in order to support regional communities in Australia and Pacific nations to access banking services. That is in Australia's national interest. That is fundamentally what is engaged here. For Pacific nations, remaining connected to global finance is one of their highest priorities because it supports their own economic development and their economic resilience. Investment in capability; investment in new businesses; microfinance for small businesses; and making sure that project finance can be accessed for the kinds of mining, development, manufacturing and other projects that deliver good jobs, stable investment, national economic growth, regional interdependence and economic resilience in the region—all of that is in Australia's national interest.

Those are the questions that are being engaged here. In terms of regional Australia, this government has secured commitments from the banks that previous governments have failed to secure—a moratorium on regional bank closures from the four major banks, as well as an agreement to increase their commitment to, and their investment in, Bank@Post. I grew up in a little country town. I know how important those services are. And I know you would not be so mischievous as to suggest that there is a relationship between the services provided to regional Australians through their banks and the government's determination to protect that—