Liberal MP Garth Hamilton criticized Westpac bank for its lending policy favoring electric vehicle (EV) owners, stating that it is out of touch with the current cost of living crisis. He questioned the bank’s representatives about offering lower interest rates for EV and hybrid car loans compared to standard car loans.
Westpac CEO Peter King defended the EV loans, stating that while they were not specifically an ESG product, the bank believed in supporting the transition to combat climate change. However, Hamilton argued that offering discounts to EV owners in the midst of a cost of living crisis was misguided.
King acknowledged that the uptake of EV loans was slower than expected due to the lack of charging infrastructure. He emphasized that the bank’s focus was on mortgages and providing competitive interest rates to homebuyers.
In response to concerns about bank branch closures, King reassured that Westpac would maintain branches in regional areas until 2027. He recognized the importance of branches despite the increasing shift towards digital banking, especially in communities where cash transactions are still prevalent.
Overall, the debate highlighted the need for banks to balance technological advancements with traditional banking services to meet the diverse needs of customers in a rapidly evolving financial landscape. Please rewrite this sentence.
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