The House of Representatives Standing Committee on Economics will hold a hearing in Toowoomba this Friday, 30 June.
Federal Member for Groom and Deputy Chair of the Committee, Garth Hamilton has been working behind the scenes to bring the committee to the region, given the significance of customer-owned banking.
“Toowoomba has a proud history of providing the financial services that South-West Queensland households, businesses and farmers rely on.
“I am proud to have secured the committee hearing in Toowoomba, working with the Chair of the committee, Dr Dan Mulino to hold a hearing into promoting economic dynamism, competition and business formation.
“Competition in the banking sector is a critical component to ensuring a strong market, consumer choice and particularly ensuring service availability in the regions,” Mr Hamilton said.
Heritage and People’s Choice CEO Peter Lock congratulated Garth for the work he has done to bring this committee to Toowoomba.
“I was delighted to have the chance to appear, and to put the case for greater recognition of the customer-owned banking model. This is a model that delivers fantastic outcomes for customers, for employees, and for communities.
“Heritage and People’s Choice is championing the concept of a strong national, customer-owned banking organisation that offers a genuine alternative to the shareholder-owned model of the big banks,” Mr Lock said.
Toowoomba is currently home to headquarters of Heritage and People’s Choice. We have seen investment in Great Southern Bank and NAB is constructing a new business facility.
Mr Hamilton said the inquiry would hear from a range of witnesses including Heritage Bank CEO, Peter Lock, and Great Southern Bank CEO, Paul Lewis in addition to a roundtable with multiple customer-owned banks and engage with airline representatives from Virgin and Bonza.
“Here in Toowoomba, banking, financial services and the airline industry are important pieces of our economic mix and will play a role as our region grows and the economy matures.
“Bringing the committee to our region provides residents the opportunity to witness the process in person and gives important local industries an opportunity to engage with the policy process.
The inquiry will be held on Friday, 30 June 2023 at the Toowoomba City Library in the Double Seminar Room on level 3.
