This year we conducted the first major review of our policy since its launch in 2018. Through our review we sought feedback from customers and spoke to a range of stakeholders and experts to understand if there have been shifts in expectations and to review new evidence about the impact of practices in particular industries. This led us to make some updates to the policy, which have been approved by the Bank Australia board of directors. I am pleased to release this latest iteration of the Responsible Banking Policy to you today.
In the policy we’ve made some important changes including:
- expanding our definition of the fossil fuel industry
- avoiding industries using animals for cosmetic testing or harmful trade
- expanding the list of businesses associated with gambling we won’t lend to.
This policy is so important because we know many of our customers choose to bank with us to align their values with their banking.
They care about issues like climate change, social equity, animal welfare and providing access to more affordable housing. And they want their bank to actively invest in a fair and inclusive future.
It is through our Responsible Banking Policy that we’re able to use the business of banking to invest in more inclusive housing, Australia’s clean energy transition, and the important work of not-for-profits and community organisations.
I encourage you to read our updated Responsible Banking Policy.