• A federal minister has labelled Westpac anti-Queensland for not funding the Adani coal mine. (AAP)
Resources Minister Matt Canavan believes Westpac is anti-Queensland and more interested in investing in real estate than in the growth of the nation.
Source:
AAP
30 Apr - 11:30 AM 

Resources Minister Matt Canavan is still scathing about Westpac's decision not to provide funding for the Adani coal mine, labelling it anti-Queensland.

Westpac ruled out supporting the Adani mine and others in the Galilee Basin under its new climate change action plan announced on Friday.

"We are trying to develop the north, we are trying to develop our country and get behind new products like opening up the Galilee Basin with 16,000 jobs," Senate Canavan told Sky news on Sunday.

"Here we have a bank which should be a proud Australian ... they are not going to finance stuff that is going to develop our country."

He called Westpac hypocritical, being itself a big polluter with its data centres for its own products.

He said he has been contacted by a lot of Queensland businesses in the past couple of days supporting his position.

"They are disgusted by the stance of the bank," he said.

"It is unfortunate that some of our major banks seem more focused on investing in real estate than they do in investing in the growth of our country."

Opposition energy spokesman Mark Butler said the Westpac assessment of the project lined up with all other advice he'd seen from the finance and retail and investment banking sector.

"The assessment of Westpac I'll back any day over the week rather than the assessment of Matt Canavan," he told ABC TV.

He said the economics of the Adani project did not stack up, reflecting the state of the thermal coal market around the world.

He dismissed suggestions the bank made the decision for public relations reasons, pointing to a December energy plan from the Indian government that said it would not build any new coal-fired power plants in the next decade.

"I think the banks are a bit tougher than making commercial decisions based on a few young activists turning up to (Westpac's 200th) birthday party," Mr Butler said.