Home > Media release: Adani’s brand kryptonite: new poll reveals widespread support for Westpac decision to rule out funding
Media Release

Media release: Adani’s brand kryptonite: new poll reveals widespread support for Westpac decision to rule out funding

5 May 2017

Friday 5 May, 2017: According to a national poll conducted by Essential Research, three times more Australians are in favour of Westpac ruling out funding for Adani’s controversial Carmichael mine proposal than those against.

The poll, commissioned by environmental finance group, Market Forces, revealed that 41% of Australians approve of the bank’s decision, whilst only 14% disagree.

And contrary to demands from Federal Resources Minister Matt Canavan for customers to boycott Westpac, for every customer less likely to do business with the bank, another two are more likely.

This sentiment extends to customers of other banks, with more customers of ANZ, Commonwealth Bank, NAB and non “big four” banks encouraged to join Westpac than stay away.

“It turns out that Westpac’s decision to rule out funding the Adani Carmichael mine is not just favoured by Australians, but a potential boost for their customer base,” said Market Forces Executive Director Julien Vincent.

“These results were also taken after the government began its ill-conceived boycott campaign of the bank.”

“The government’s increasingly shrill attacks on anyone who takes the sensible decision to stay out of Adani’s environmental and financial disaster demonstrate just how far out of touch it is with the public and business community.”

Westpac is now the 19th bank to either distance itself publicly from Galilee Basin coal export projects, or introduce policies that prohibit financing the Carmichael mine.

“Sensible investors are steering clear of the Adani project, not only due to the environmental impacts, but also because the economics of a highly leveraged company selling low quality coal into a declining market simply don’t stack up. It’s no surprise the only finance currently on the table comes from the public purse wielded by a government with an ideological fixation on coal,” said Vincent.

“This latest poll should serve as another wake up call not just to politicians, but also to other companies such as QBE and Commonwealth Bank who are working with Adani.”

“The fact is, Adani’s coal plans are brand kryptonite.”

The results of the polling can be viewed at www.marketforces.org.au/westpacadanipoll