Government banking policy bad news for Port Fairy

Media Release
04 February 2019

Government banking policy bad news for Port Fairy

Moyne Health Services and the Port Fairy community will be worse off under a change to the Labor Government’s banking policy, South West Coast MP Roma Britnell says.

The centralised banking policy will force Moyne Health Service to move its business from the town’s Community Bank Branch to Westpac.

Mrs Britnell said it was an appalling decision for Port Fairy and reflects the Labor Government’s disregard for country communities.

“The Port Fairy Community Bank return their profits back to the community – recently it contributed $50,000 to the Moyne Health Services for its Urgent Care facility,” she said.

“It’s also supported the surf club and the footy and netball club through grants. If Moyne Health Services is forced to take its banking out of the local bank, the branch’s ability to provide funding to community groups will be significantly reduced.”

Mrs Britnell said the health service would also lose revenue thanks to a lower interest rate being offered under the centralised banking system.

“There’s no guarantee the government will increase funding to meet that revenue shortfall.” She said.

“If shortfalls aren’t met, then Moyne Health Services will have some very tough decisions to make.”

Mrs Britnell said the people should be outraged that the State Government is forcing local organisations to stop supporting community bank branches the community fought hard to establish.

“Port Fairy fought hard to get its community bank up and running. Now the State Government is asking one of the bank’s largest depositors to take their business elsewhere.

“This is policy that looks good from a city office, and looks great for the Government’s bottom line.

“But in reality it causes great harm to rural communities.”