A right-wing minor party has criticised big four bank Westpac for encouraging Indians to send money out of Australia for the Hindu festival of Diwali.
Gerard Rennick People First shared a social media post from the bank showing an Indian woman holding a candle and stating “Sending money overseas this Diwali? $0 fees for transfers sent in a foreign currency”.
The party objected to the post, which has since been deleted, and said it was unfair for banks to let people send money overseas for free, while charging Australians fees to use their accounts at home.
“How is it okay for the banks to not charge customers for sending money offshore, yet when small businesses try to carry out transactions on credit cards in Australia they have to pay fees?” People First wrote earlier this week.
“This is just another case whereby our institutions are actively encouraging money to leave Australia.
“You would think Australian banks should be charging fees on money sent offshore rather than taxing Australian businesses wouldn’t you! I mean, wouldn’t they prefer to have a higher pool of domestic savings rather than rely on foreign debt?”
According to the most recent World Bank data, more than $22 billion was sent out of Australia in 2025, while estimates from Money Transfer Australia for the previous year using World Bank, ABS, KNOMAD, and DFAT figures put total migrant remittances at $38 billion, with India the top recipient.
In August right-wing campaign group Revive Australia called for a 30% remittance tax, which could be used to help Aussies buy homes and have more children.
Revive Director Brian Marlow said the Australian government needed to follow the Trump administration, which has already imposed a remittance transfer tax, and be prepared to go “much further”.
“Remittances are a form of wealth extraction. Plain and simple,” Mr Marlow said.
“Australia provides the jobs, the wages, the infrastructure, the public services and the stable economy that allow this money to be earned. Billions are then transferred overseas to support foreign households and foreign economies. Australia should retain a share of that wealth.”
Net remittance outflows have more than doubled since 2019, accompanying record-high levels of mass immigration since 2022.
A 2023 survey found that 92% had sent money home in the past 12 months, and 67% said being able to do so was a “key factor in their decision to move to Australia”. The immigrants surveyed sent an average of 11% of their annual incomes back to their home countries.
Header image: The Westpac post (Facebook).
