Primary industry association the Red Meat Advisory Council has lodged a request with the ACCC, asking it to investigate an allegation that Bank Australia has breached the Competition and Consumer Act in its refusal of financial services to certain livestock businesses.
Bank Australia’s responsible banking policy states that the bank will not provide financial services to “organisations that use intensive animal farming systems… or organisations that export live animals”.
According to the Red Meat Advisory Council, the bank’s policy has been promoted by animal rights group Animals Australia. It alleges that the bank has been withdrawing support from primary industry sectors that are the target of campaigns by Animals Australia and that the two organisations are acting in concert.
This may be a contravention of the secondary boycott provisions of the Competition and Consumer Act.
The association has detailed what it sees as a relationship of cross-promotion between Bank Australia and Animals Australia, which indicates the potential for both parties to be acting in concert to implement restrictive trade practices against the red meat industry and the livestock supply chain.
A spokesperson for the Red Meat Advisory Council said it has received a response from the ACCC, saying the request has gone to assessment.
A spokesperson for Bank Australia was quoted in industry newsletter Beef Central saying its animal welfare stance was developed internally and independently.
The bank’s statement said: “Bank Australia recognises the critical role agriculture and farmers play in producing food and other goods that sustain us as a community and help drive our economy. This is reflected in the many and diverse businesses and individuals we lend to across Australia, including in the agricultural sector and across regional areas.
“Our decision not to lend to businesses that employ intensive animal farming systems is based on a significant amount of research and engagement with stakeholders across the sector including animal welfare advocates and agricultural industry representatives.
“And, as a customer owned bank, we’re guided by the views of our customers who have helped shape our approach to responsible banking. Many of them have told us that they don’t want their money being used to support practices that cause harm and distress to animals.”