Almost three times as many people support Westpac’s decision to rule out funding Adani’s Queensland mine than disapprove of it, a survey has found.

But at least one Westpac customer is set to dump the bank over its new climate policy, which precludes helping open up a new coal region with Australia’s largest proposed coalmine.

The resources minister, Matt Canavan, who has called for Queenslanders to boycott Westpac, was poised to switch his banking on Friday, the day the poll was released.

Canavan told Guardian Australia he had an appointment with the Bank of Queensland in his hometown of Rockhampton, which was the “first business day back in [my] electorate since Westpac’s announcement”.

The survey, commissioned by climate advocacy group Market Forces, suggests Canavan is among 10% of Westpac customers who were less likely to want to bank with the institution over its coal funding stance.

The survey of 1,211 people, conducted online on Monday and Tuesday by Essential Research, found 18% of people overall were more likely to want to bank with Westpac, versus 12% who were less likely. But the vast majority – 60% – were unmoved either way.

The survey found 41% overall approved of Westpac’s decision, which effectively ruled out funding Adani’s Carmichael mine, compared with 14% who disapproved.



The proportion in favour in Queensland was 38%, both in Brisbane and in regional Queensland. But more in regional Queensland disapproved (22%) than in the capital (15%).

Canavan was scathing of Westpac’s announcement last Friday, saying it was one of the corporate “wimps” who paid more heed to “noisy activists in Sydney than the job-hungry people of north Queensland”.

“I can only conclude from this decision by Westpac that they are seeking to revert to their original name as the Bank of New South Wales, as they are turning their back on Queensland as a result of this decision,” he said.

“May I suggest those Queenslanders seeking a home loan or a bank deposit or some such in the next few months might want to back a bank that is backing the interests of Queenslanders.”

Canavan redoubled his attack on Westpac on Wednesday, accusing it of a conflict of interest that “stinks to high heaven”, citing financial links to the Newcastle port as a competitor to future Galilee coalmines.

In the survey, a slightly higher share of customers at the other major banks – Commonwealth (40%), National Australia Bank (41%) and ANZ (42%) – approved of Westpac’s decision than its own customers (38%).



ANZ, which previously effectively ruled out funding the Carmichael mine, had the greatest share of customers who were less likely to want to bank with Westpac over its announcement (18%, versus 19% who were more likely).

Westpac itself had the greatest share of customers who were more likely to want to keep banking there (21%), as well as the greatest share who didn’t care either way (66%).

Julien Vincent, the executive director of Market Forces, claimed the survey showed Adani’s plans were “brand kryptonite” to Australia’s financial institutions.

“It turns out that Westpac’s decision to rule out funding the Adani Carmichael mine is not just favoured by Australians, but a potential boost for their customer base,” Vincent said.

“These results were also taken after the government began its ill-conceived boycott campaign of the bank.

“The government’s increasingly shrill attacks on anyone who takes the sensible decision to stay out of Adani’s environmental and financial disaster demonstrate just how far out of touch it is with the public and business community.”

NAB ruled out funding the Carmichael project in September 2015, a month after Commonwealth Bank parted ways with Adani as project finance adviser.

Environmental activists have flagged a campaign against Commonwealth Bank after it emerged Adani’s $1.6m deposit for a Queensland water licence was paid via the bank, news.com.au has reported.