Senator The Hon. Susan McDonald, Shadow Minister for Resources and Northern Australia; The Hon. Matt Canavan, Leader of The Nationals; The Hon. Kevin Hogan, Shadow Minister for Financial Services, Joint Media Release, 28 April 2026

The Nationals are calling for a major shakeup of Australian banks, following revelations that energy-lending policies have been destroying investment in coal, gas and oil.

Leader of The Nationals Matt Canavan said The Nationals had written to the four major banks, expressing concern that a businessman was denied even a bank account after he tried to build a diesel refinery in Gladstone.

“Now, with the benefit of hindsight and our current oil crisis, I am sure Australia would be a lot better off today, had we provided support for someone who had planned to build a refinery in 2018,” Senator Canavan said.

“I am pleased that the banks have now at least indicated they would be willing to allow some leniency.

“A few years ago it was a closed door from our banks to oil projects. Now at least the door is ajar thanks to the hard knocks we are getting from this energy crisis.

“I thank some of the banks for seeing common sense and restoring finance to oil projects which we so desperately need.

“But we need to dump all of this Environmental, Social and Governance agenda because it is now clear that ESG stands for Extreme Shortages Guaranteed.

“Even Labor admits that we are facing the worst geopolitical environment since WWII. So we need all Australian businesses to focus on making Australia stronger. Any lending policies that restrict the development of Australian resources can only make us weaker.”

Shadow Minister for Resources and Northern Australia Senator Susan McDonald said it was ironic Foreign Minister Penny Wong was racing to China to help shore up fuel and fertiliser, after years of Labor’s anti fossil-fuels policies had caught up with them.

“Australian could have had its own projects, saving Senator Wong the trip, but Labor has been too focused on its all-renewables agenda,” Senator McDonald said.

“We must expand our capacity in exploration and refining.”

Shadow Minister for Financial Services Kevin Hogan said if the banks are unwilling to change their policies, the law could be changed.

“Labor should ensure our Australian banks make their decisions based on economics rather than ideology,” Mr Hogan said.