Entsch’s warning to banks breaking promises

A WARNING shot has been fired at big banks “playing silly buggers” with Cairns tourism operators desperate to reorganise their finances to survive the coronavirus cliff.

Leichhardt MP Warren Entsch said he had been fielding calls from unnamed – but very significant – businesses across Cairns being made to jump through hoops to access and rearrange money.

“These are some very substantial businesses,” he said.

“The banks we are talking about are playing very coy and being difficult at a time when I would have thought they would have been very reasonable.

“They know the consequences of not doing the weightlifting and have given commitments at the highest level that they are going to do the right thing.”

Mr Entsch threatened to name, shame and seek punitive measures against any bank not playing by the rules.

Reforms recommended by the banking royal commission were put on ice last month to allow institutions to recover from the COVID-19 crisis.

The first tranche of new legislation was due to go before parliament next month, with another round in December – but both were postponed for six months.

Mr Entsch said there was no excuse for kicking businesses while they were down.

“They tell me some banks have been fantastic but others have been bloody hard to deal with. This is not the time to play silly buggers – it’s time to offer support,” he said.

“I’ll be taking it up with the treasurer and going in person to the highest level of these banks to ask them to explain why the hell they are not doing what they promised.”