Frontbencher Matt Thistlethwaite suggested the bank should be "benched" as major sponsor of the nationally televised awards for at least two years.
In a statement, Commonwealth Bank chief marketing officer Monique Macleod said: "Decisions such as these are not easy and we greatly appreciate the opportunity we have had to work with the NADC and to support the Australian of the Year Awards. "Having been a proud and long standing partner of the National Australia Day Council for 38 years, we believe it is theThe National Australia Day Council relies on corporate donations to co-ordinate the January 26 ceremony and will now seek a new sponsor. Cash and in-kind sponsorship from CBA and other contributors accounted for more than 35 per cent of the organisation's revenue last year.
"I'm sure if they were benched there would be other organisations and corporates more than willing to step in to the CBA's shoes and sponsor our national day," Mr Thistlethwaite said last November. Labor was preparing to take a tough line on Australia's major banks had it won the May 18 election but shares surged on Monday after the Coalition's shock victory."The National Australia Day Council has a wonderful group of partners and looks forward to celebrating extraordinary Australians through the Australian of the Year Awards in 2020 and beyond."
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