The Hon. Matthew Canavan, Chair of the Regional and Rural Affairs and Transport Committee, Senator for Queensland, The Hon. Slade Brockman, Senator for Western Australia, Joint Media Release, 22 August 2023

Senators Matthew Canavan and Slade Brockman, have expressed their disgust in the cowardly decision of the National Australia Bank to close its Waroona branch just one week after a Senate inquiry on regional banking was in the region.

NAB has announced that they will be closing their Waroona branch on 17 November this year, leaving the town without a bank.

This comes only a week after the Senate Inquiry into Regional Bank Closures was in Beverely and Carnamah.

Chair of the Regional and Rural Affairs and Transport Committee, Senator Matthew Canavan, said he was incredibly disappointed in NAB’s decision.

“NAB waited until after we’d conducted our hearings in WA to close another branch just 2 hours down the road from where we were.

“They’ve done this with little to no consultation with the community, and unlike the other big 4 banks have not put a halt on their branch closures while we undertake our inquiry.

“The bank has made a decision that will negatively impact Waroona, and the surrounding area and it’s becoming clearer and clear that the banks are happy to spend millions of dollars on campaigns on the trendy social issues but aren’t willing to ensure that a community maintains an essential service.”

In February this year, the Australian Senate established an inquiry into regional bank branch closures, chaired by Senator Canavan, after unprecedented numbers of branches were being shut down around the country.

The inquiry has so far been to Sale in Victoria, Cloncurry and Ingham in Queensland and Carnamah, and Beverley in Western Australia so far with hearings scheduled for Junee, Canberra, and Launceston.

“Time and again we have heard that banks only ‘consult’ after the final decision to close a branch has already been made – given communities no chance to rally around these essential services.” Senator Brockman said.

“Regional communities, such as Waroona, deserve the chance to be heard and to be listened to. This is especially true when we reflect on just how much of Australia’s wealth come from the regions.”

The Senate Inquiry into regional banking closures is due to report to the Senate in December