ANZ’s Elliott confident regulator will approve IOOF deal

“We are confident it will be approved,” Mr Elliott said.

Mr Elliott was then asked by Labor MP, Andrew Leigh: “Is your inclination is that OnePath’s best future lies outside ANZ.”

Mr Elliott responded simply: “Yes.”

The banking boss was also asked about its views on secondary boycotts by lobby groups focused on climate change and reducing the use of fossils fuels in the economy.

“Putting aside climate change and just talking about climate, it’s important to our customers,” pointing to ANZ’s roots as primarily a bank for the farming industry.

Mr Elliott said the bank had a responsibility to price risk. This could include regulatory risk for firms facing regulatory reforms, Mr Elliott said by way of an example.

“Our job is to understand what those risks are, in some cases it is pricing that risk and in some cases its helping our customers to look through what they do,” he said.

Mr Elliott said that ANZ was more actively investing in gas and sources of renewable energy.

“We believe there is a transition happening, we believe it is inevitable.”

“Over time we adjust our risk appetite,” Mr Elliott said before adding: “We now work with our top 100 emitting customers just to understand what they think about it.”


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