Inquiry boosts opportunity for greater recognition of customer-owned banking model

30 June 2023

Heritage and People’s Choice CEO Peter Lock was honoured to appear before the House of Representatives Standing Committee on Economics in Toowoomba today, for a hearing of their Inquiry into Promoting Economic Dynamism, Competition and Business formation.

Federal Member for Groom and Deputy Chair of the Committee, Garth Hamilton worked behind the scenes to bring the committee to Toowoomba, given the significance of customer- owned banking in the region. 

This is one of the first times the Committee has ever met outside Canberra.

Mr Lock said “I congratulate Garth for the work he has done to bring this committee to Toowoomba.

“I was delighted to have the chance to appear, and to put the case for greater recognition of the customer-owned banking model. This is a model that delivers fantastic outcomes for customers, for employees, and for communities, particularly in regional areas.

“Heritage and People’s Choice is championing the concept of a strong national, customer-owned banking organisation that offers a genuine alternative to the shareholder-owned model of the big banks.”

Mr Lock was invited to appear before the Committee in a solo session. 

His appearance was followed by a panel session featuring Paul Lewis, CEO of Great Southern Bank; John Williams, CEO, Summerland Credit Union; Lewis von Stieglitz, CEO, Warwick Credit Union; and Dale Grounds, CEO, The Capricornian, who also had the chance to advocate for the customer-owned sector.

PHOTO: Peter Lock, CEO Heritage and People’s Choice; Dale Grounds, CEO, The Capricornian; Paul Lewis, CEO of Great Southern Bank; Dr Dan Mulino MP, Committee Chair; Federal Member for Fraser Garth Hamilton; Lewis von Stieglitz, CEO, Warwick Credit Union; Alysia Smith, Government Relations Manager, COBA; John Williams, CEO, Summerland Credit Union.