Big four banks distance themselves from Adani coalmine as Westpac rules out loan

Coalition frontbencher calls for Queenslanders to boycott Australia's second-largest bank after it says it will now only lend to mines in established coalfields

Australia's big four banks have all ruled out funding or withdrawn from Adani's Queensland coal project, after Westpac said it would not back opening up new coalmining regions, prompting a scathing attack from the resources minister, Matthew Canavan.

Westpac, the country's second-largest bank, released a new climate policy on Friday, saying it would limit lending for new thermal coal projects to "only existing coal producing basins".