Shadow Minister for Regional South Australia, Nicola Centofanti, is pleading with banks to not remove their services from Naracoorte and its surrounding townships.

Ms Centofanti said while it was unfortunate, the Liberal Party was “seeing an alarming trend” where banks are withdrawing their services from regional centres in South Australia.

She told The [Naracoorte Community] News that this decision was already having a devastating impact on many people in rural communities.

Ms Centofanti publicly condemned the move by the banks to remove their services.

“These banks forget that regional South Australians face huge connectivity challenges that make internet banking virtually impossible, and in-store interaction goes a long way towards building and strengthening regional communities given the remoteness of some areas,” Ms Centofanti highlighted.

She said she had written to the four major banks, urging them to hold off on any further closures.

“..and to consider reopening some closed branches—until the Federal Senate’s Rural and Regional Affairs and Transport Committee completes its inquiry into regional bank closures.

“The outcomes and recommendations of the inquiry will be critical to ensuring regional people have reliable access to banking facilities.”

She said while the closure of banks can – in part, be attributed to an increase in the use of digital banking, there were still many people who relied on in-person banking.

On February 8, 2023, the Australian Parliament referred the matter of the current extent of bank closures in regional Australia to the Rural and Regional Affairs and Transport References Committee for inquiry.

The committee has been asked to investigate the following:

• The branch closure process, including the reasons given for closures.
• The economic and welfare impacts of bank closures on customers and regional communities.
• The effect of bank closures or the removal of face-to-face cash services on access to cash.
• The effectiveness of government banking statistics capturing and reporting regional service levels, including the Australian Prudential Regulation Authority’s authorised deposit-taking institutions points of presence data.
• Consideration of solutions; and any other related matters.

The committee is expected to report to Parliament by December 1, 2023.

This article appeared in the Naracoorte Community News.