ANZ Banking Group and Treasurer Jim Chalmers are close to striking a deal for the government to support the bank to remain in nine Pacific countries, under a diplomatic plan to offset China’s growing influence in the region.
Australia and the United States had committed in July to try to solve the growing crisis of Western banks withdrawing from the Pacific, which is viewed as posing a national security risk if China muscles in on providing financial services in the region.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
