A GREATER Hume Shire move to stop smaller financial institutions being placed at disadvantage to the big banks with investment of ratepayers funds has won strong backing from the NSW shadow local government minister.
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The move opens the door to the big banks to fill the void.
Mr Primrose, who attended both days of the conference, said one of his first items of business if Labor wins the March election would be inviting all mayors and general managers to a conference with key ministers and departmental senior officials to discuss the future of local government financing in the state.
“I can also confirm this meeting won’t take place in Sydney,” he said.
“It will be held in a regional centre.
“This is the only way to stop ridiculous policies like the recent unilateral pronouncement by Treasury boffins in Sydney regarding TCORP’s new investment guidelines that forces many councils to move their investments to the big four banks.
“If this becomes anything more than a guideline it will seriously threaten smaller banks, building societies and credit unions in our regional towns at the very time we should be doing everything we can to ensure they stay open.
“They are the only face-to-face financial institutions in towns and policies like this are frankly just nuts.”
Greater Hume general manager Steve Pinnuck sat in on Mr Primrose’s address and welcome his comments.
“I suspect we’ve got a long and difficult fight ahead,” he said.
The east ward vacancy was created by the resignation of Cr Kim Stewart.
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