A Tasmanian family that has been logging native forests for five decades has come out against Bendigo Bank’s environmental stance that saw them refused financing.
The bank won’t stump up cash for TP Bennett and Sons, a Huon Valley business based out of Ranelagh, due to its environmental policies.
Business manager Tammy Price, the daughter of founder Tony Bennett, said it was “totally unacceptable” their operations had been lumped in with that of coal and gas.
The company switched to banking with Bendigo after larger banks left the Huon Valley, but was denied financing after a lengthy back-and-forth with head office.
“Because we generate income from native forestry, which is one of the sustainable and regulated industries here in Tasmania, we can’t get any finance,” Price said.
“We are now harvesting forests that my forefathers harvested. We are in natural regrowth forests. We don’t log old growth forests, we log regrowth forests.”
“And the fact is that we do such a good job that they are worthy of harvesting again. They are an agricultural crop just a longer rotation.”
Price invited Bendigo Bank executives to visit Tasmania and see their “well-managed forest” on a farm that has been in their family since European settlement.
“We love, we support and we employ local people and the majority of my employees are Bendigo Bank customers,” she said, questioning why the community would support a bank that chose not to support then.
A Bendigo Bank spokesperson said the bank occasionally declines loan applications that fall outside its lending strategy and risk appetite.
While not commenting on the specific case, the bank said decisions are made on balance and in the best interests of the bank, customers, investors and community.
Resources Minister Eric Abetz called the bank’s decision a “disgrace” and accused it of going “woke”.
“Often what we have seen is go woke go broke,” he said.
“What we’re seeing with Bendigo Bank is the potential for them to lose a customer cohort that was foundational in their establishment, especially down here in the Huon.”
“It makes no environmental sense, it makes no economic sense and it’s degrading our local businesses, our rural-regional areas that rely on a good community bank to work in cooperation with their local community.”
Tasmanian Forest Products Association CEO Nick Steel said the “discriminatory lending practices” are a result of pressure from “radical environmental activists”.
“This knee-jerk reaction from the bank and its shareholders is based on misinformation and fear drummed up by the usual extreme environmental activists,” he said.
