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ANZ looking at sea level rise risk to housing loans

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Media Release

ANZ looking at sea level rise risk to housing loans

The ANZ has revealed they are examining the impact of sea level rise and other climate impacts on housing mortgage risk.

The revelation came during questioning of ANZ CEO, Shayne Elliott by Adam Bandt MP at today's Economic Committee hearing into the major banks.

“During hearings of the Economics Committee today, ANZ has acknowledged that housing is at risk from sea level rise and they are looking at implications of the impacts of climate change on its mortgage lending risks. The bank also acknowledged that this will be a factor in its future decisions about housing loans including loan to valuation ratios,” Mr Bandt said.

“This is a significant move by the bank. Following recent statements by APRA on climate risk, ANZ's move highlights the importance of the government and financial sector taking seriously the risks of climate change to the economy.”

“When a big four bank says it might not give someone a mortgage because rising sea levels will flood their house, it's a huge wake-up call that climate change might smash the Australian economy.”

Link to questioning:

Contact: Damien Lawson 0487 900 005

Chief of Staff

Office of Adam Bandt MP

Federal Member for Melbourne