Senator The Hon. Matt Canavan, Leader of The Nationals; Senator The Hon. Susan McDonald, Shadow Minister for Resources; The Hon. Kevin Hogan, Shadow Assistant Treasurer, Joint Media Release, 9 April 2026
Investment in Australia’s oil and gas industries is being hamstrung by net zero policies of the major banks, despite the nation’s escalating fuel crisis.
Leader of The Nationals Matt Canavan said it was unbelievable that oil and gas company owners could not even open a bank account, after years of harmful activism against the fossil fuel industry.
“The liquid fuel crisis is hurting Australian businesses and families and the situation needs to change,” Senator Canavan said.
“I am extremely concerned that the net zero policies of Australian banks prevent them from supporting businesses that have been trying to increase the production of oil, simply because they’re in the business of ‘fossil fuels’.
“We have learnt the hard way that we desperately need more fossil fuels.
“That’s why I am writing to the CEOs of all major banks and the Australian Banking Association, seeking clarification on whether they will change their position in light of the current crisis.
“The liquid fuel crisis risks our economic security and our national security, so Australian banks must be doing everything they can to improve Australia’s security position, including by supporting increased production of domestic liquid fuel supplies.”
Shadow Minister for Resources Susan McDonald said banking is an important part of our investment and business ecosystem.
“Any business that is able to legally operate in Australia and is regulated should be able to bank, particularly with Australian banks,” Senator McDonald said.
“This is good for Australian business and good for Australia. The Government’s mad rush to renewables targets should not preclude Australian banks from remaining practical and financing the technology and industries that keep Australia growing food, and trucking and mining.”
Shadow Assistant Treasurer Kevin Hogan said The Nationals had previously raised concerns about the dangerous slippery slope of banks setting policy to meet the concerns of environmental activists instead of economic prosperity.
“We have previously seen banks set deforestation targets as well as the disclosure of emissions,” Mr Hogan said.
“Banks should be in the business of providing loans, at the very least bank accounts, rather than dictate who can open bank accounts and access services.”
The Nationals’ candidate for Farrer Brad Robertson said it was clear Labor’s net zero agenda was no longer a priority for Australians.
“I can assure you the net zero agenda being pushed by Labor and the Teals is of absolutely zero interest to the workers, farmers and families of Farrer – much like the rest of Australia,” Mr Robertson said.
“Labor must have finally twigged to this, which is why we’ve seen them quietly drop their promise of 82 per cent renewables by 2030.”
