Wednesday, 17 July 2024 10:25

Under pressure

Written by The Hound

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OPINION: On top of the rural banking inquiry, several as-yet-unnamed banks are facing a complaint to the Financial Markets Authority over their role in a government bond sale.

A similar case is underway in Australia as its corporate regulator ASIC investigates alleged manipulation of Aussie government debt.

Like yours truly, readers probably won’t be able to squeeze out a tear for the banks.

One farmer sent the Hound his own rules for dealing with banks: “Rule no.1 – They are not our friends. Rule no.2 – Refer to rule no.1.”

As the banks prep for the coming inquiry, they may feel it’s unwarranted.

But the evidence, anecdotal and from recent surveys, show that our friends in finance have a real perception problem with farmers that they need to address.

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