February 10, 2023
Banks have been urged to halt the closure of regional branches while a Senate inquiry into the sector is being held.
The call has come from the the Senate Rural and Regional Affairs and Transport Committee which is undertaking an inquiry into the impact regional bank closures has had across the country.
The committee is due to report back to the Senate on December 1.
“Regional bank closures are hurting communities, and we’re seeing people struggle to operate their businesses,” committee chair Senator Matt Canavan said.
“They have been told to ‘try online banking’, which just leaves them in the lurch.
“It’s simply impossible for a store owner to deposit their daily takings, and get the change they need, from online banking.
“Banks provide a vital service. When a bank leaves town with no way to access banking services, they leave that community behind.”
The committee has written to all banking providers, asking them to halt closures to show they are approaching the inquiry in good faith.
The call has been supported by senators from all major parties.
The inquiry will examine the branch closure process, including the reasons given; the economic and welfare impacts on customers and communities; and the effect of bank closures, or the removal of face-to-face cash services, has on access to cash.
Submissions to the inquiry are open until March 31.
- External link: Rural and Regional Affairs and Transport Committee website
UPDATE: Submissions are now open until April 28.
