The head of the Australian Banking Association has encouraged rural producers worried about their financial circumstances to consult with their banks.
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“The earlier… the better,” ABA chief executive Anna Bligh said.
The former Queensland Premier made Bendigo the second stop on a tour of regional Australian cities, which started a week ago in Dubbo.
She sought to learn about the experiences of financial counsellors and front-line staffers at the city’s banks.
Ms Bligh said it was clear from her meetings with Bendigo mayor Margaret O’Rourke, Bendigo Bank managing director Marnie Baker and staff at ANZ that there was lots of opportunity for growth and prosperity in the community.
But it was also a community affected by pressures on the agricultural industry, including drought conditions.
In that respect, she made a connection between Bendigo and Dubbo.
“It’s equally clear that in both places, while farmers are doing it tough, many of them are managing at the moment and the concern that the whole community has is the longer the drought goes on the harder it is for farmers and their families to make their savings last and to get through an even tougher period,” Ms Bligh said.
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She said farmers experiencing a financial problem, or even worried there might be one around the corner, should talk with their banks as soon as they could.
Ms Bligh’s regional tour is expected to help shape the ABA’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, which is expected to submit its final report by February 1.
She said the tour aimed to make sure the banking association’s policy considerations were well informed by the experience of bank staffers and financial counsellors dealing with customers in hardship.
“The industry looks forward to seeing the Royal Commission’s report,” Ms Bligh said.
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