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The Forum > Article Comments > The federal government needs to assist our major banks re-engage with PNG > Comments

The federal government needs to assist our major banks re-engage with PNG : Comments

By Jeffrey Wall, published 6/1/2023

Last week Prime Minister Marape issued a long statement urging the Bank of China to establish a substantial presence in PNG - including retail banking.

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Hmm, maybe, but there needs to be profit earning projects to invest in and some surety about interest and repayment. For mine those projects are mostly energy based, like a gas pipeline to Australia and MSR thorium projects built here and commissioned there.

That said, the PNG PM needs to decide where he stands, his long-term ally and benefactor, or a sabre-rattling China. Who will use him and PNG for long term outcomes and cheap resources that are finite.

As for the banks per se. They need to be encouraged to better serve rural and regional Australia before venturing into cargo cult dominions.

Indonesia should be concerned with recent developments and a China with influence at the back door.

Perhaps PNG should look to them for financial assistance or political graft. Given they stand between us and Chinese expansion in our area. And would be concerned if PNG became a base for Borneo rebels.

Possible currently given their present regional posture. But less likely if PNG is a financially indebted friend.
Alan B.
Posted by Alan B., Friday, 6 January 2023 10:59:05 AM
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"In recent years the involvement of Australia's major banks in PNG has sadly diminished".

Not sad for the banks if their involvement has diminished. They know what's good for them, surely. And Wall says it is difficult doing business in PNG. The Coalition didn't encourage them to get involved (why would they?), and Albanese is not in banking or qualified to advise bankers.

I think that if it was good for them, banks would be rushing to PNG with bells ringing; they are hardly going to miss opportunities for profit if they are available.

Did Marape also urge Australian banks to front up, or just China?

I don't think that any Australian government has sought advice from this one-time advisor to a one-time PNG government, nor do I think that they are likely to.
Posted by ttbn, Friday, 6 January 2023 11:02:25 AM
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1. The PNG Government or Businessmen can engage cross-border with Australian banks via INTERNET BANKING anytime time PNG wants. No Bank Branch presence is required.

2. Maintaining bank offices in PNG is up to the banks not Australian Government intervention. This is based on a COMMERCIAL DECISION of the banks.

Maybe Australian banks choose to remain out of PNG because PNG is a CREDIT RISK with PNG officials demanding bribes from business transactions - transactions like Bank Loans.
Posted by Maverick, Saturday, 7 January 2023 8:44:20 AM
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What Maverick says.
Alan B.
Posted by Alan B., Saturday, 7 January 2023 12:41:04 PM
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Who cares! The big question is: how much more money will PNG extort from Ockernese on his upcoming trip there?
Posted by ttbn, Sunday, 8 January 2023 9:01:35 AM
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Jeffrey Wall CSM CBE is a Brisbane Political Consultant and has served as Advisor to the PNG Foreign Minister, Sir Rabbie Namaliu Prime Minister 1988-1992 and Speaker 1994-1997.

I don't know about all you posters here but to me the above is self explanatory re the PNG situation !
Posted by Indyvidual, Sunday, 8 January 2023 9:16:51 AM
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