Banking

Banks should ensure rural South Australians – like those living in the South East – have access to cash, a state MP says. One Nation’s Sarah Game introduced a bill to SA Parliament last week to protect the right of South Australians to pay cash for all government services, including council fees and charges.

Just when it seemed ANZ’s attempts to justify the closure of a regional NSW branch in defiance of a condition of the Suncorp acquisition deal not to close any regional sites for three years could not get any more farcical, the bank has upped the ante. In a letter to a customer complaining about the planned closure of the Katoomba branch next month, ANZ claimed that although it had triggered regional branch closure protocols (established as a direct result of two federal government inquiries into regional bank closures), the protocol was not about regional branches.

ANZ chief executive Shayne Elliott made frequent mentions of “reputational risk” while giving evidence to the house standing committee investigating the big four banks in Canberra on Friday ... it is surprising that when asked about regional bank closures by commitee chairman Daniel Mulino he chose to withhold information about two branches in regional Australia that ANZ plans to close later this year.

Territory Insurance Office “We’re for Territorians” hiked the premium of a long-time customer in the Alice Springs rural residential area by about 40 per cent, from $2382 to $3206, a difference of $824. That’s even taking into account a no claim bonus of 30 per cent.

Pioneering Australian benchtop and tile manufacturer Noveco Surfaces and NAB have announced a $7.75 million partnership that will facilitate the development of an innovative new facility, which will scale its local production of crystalline silica-free tiles and benchtops, made from 80 per cent recycled materials ... Nowra-based Noveco Surfaces, in partnership with the SMart Centre at UNSW, the inventors of Green Ceramics, uses waste to product technologies to manufacture sustainable, designer green products.

The state will lose taxpayers, and entrepreneurs will face additional difficulties in doing business. The state budget and entrepreneurs will lose in order to curb terrorism and international crime. In the case of bank accounts for foreigners, a long-standing rule of humanity applies. Namely, they choose the lesser of two evils. This is an unspoken rule of the global financial system.

Unable to turn their backs on disgraceful behaviour by the major banks over regional closures, a senate inquiry has lit a bomb under them. The pressure is now on the Prime Minister Anthony Albanese and his Minister for Financial Services Stephen Jones to accept all recommendations in full.

Rabobank’s Rabo Community Fund has partnered with the ‘edu-tainment’ brand ‘George the Farmer’ for the third year to help educate children about where their food and fibre comes from in a fun and engaging way during this year’s National Book Week – August 17 to 23.

After a thorough investigation, the Banking Code Compliance Committee (BCCC) has found that Westpac breached its obligations under the Banking Code of Practice over its handling of its Tennant Creek branch closure in September 2022. The BCCC has determined that Westpac failed to comply with the ABA Branch Closure Protocol and did not provide adequate support to affected customers in the remote Tennant Creek community during the transition period.

At a media event to release the latest Regional Movers Index data, Commonwealth Bank representative Paul Fowler and Regional Australia Institute chief executive Liz Ritchie were asked three times why the branch was closing the same day as the Sunshine Coast was being celebrated as a rapidly-growing centre ... In 2021, acting RAI CEO Kim Houghton put in a submission to a taskforce that had more bankers on it than MPs but there was nothing from Ms Ritchie during the recent senate inquiry ...

I had a quiet moment of reflection after watching Bendigo Bank’s new commercial featuring Wakool farmer and butcher extraordinaire Hayley Patterson. The ad campaign titled Bigger for You points the finger at the ‘big four’, citing the Bendigo Bank is “Bigger for the community I care about”. It's a great line ...

The Senate Rural and Regional Affairs and Transport Committee released a report which recommends investment in the financial services available in rural and regional Australia to make up for the loss of services from bank closures in recent years. There are 596 Australian towns which once had a major bank branch but now do not have a bank branch at all. In most cases, our major banks left these towns with no plan on how financial services would be provided after a bank closure.

It may have taken 20 years but a Federal Government inquiry has finally made good on a warning that if the 'big four' banks did not improve their treatment of regional Australian customers, they would be stripped of the privilege to self-regulate. Many thought this day would never come but the most surprised must be the banks or they would have never behaved in the ways outlined in detail during a senate committee’s 15-month deep dive into the welfare and economic impacts of regional bank closures. 

Official recognition of banking as an essential service, the end of self-regulation of the banking industry and a pathway forward for the consideration of a new government bank are some of the key recommendations to come from a Senate inquiry into the impact of regional bank closures.

Remember way back when we used to use paper money and coin? Pay large amounts with a cheque? Yes, me too, but those days are long gone. Simple days I sometimes long for, especially after today’s abortive effort. This morning, our three new bankcards arrived. My husband’s is the main card, mine and our son’s run off it...

If there was ever a time to take a close look at the relationship Australia’s major banks have with the word “trust” it is now. After more than a year of hearings nationwide and an unprecedented 600-plus submissions, the Federal Senate Inquiry into Regional Bank Closures concludes and the committee will table its final report on May 24 (postponed from May 16. No reasons given).

The Community Bank Maldon & District held a party on Bank Corner last Wednesday afternoon to celebrate 25 years of service. From the ages of eight to 80 (and beyond!), a keen crowd came together to enjoy some music, a snag courtesy of the Maldon Golf Club and an ice cream or two. 

The ANZ branch in Tennant Creek has celebrated the opening of its new location after serving customers at its Paterson Street premises for decades. The new branch is still located on the main street, but now boasts a modern interior that’s bright and welcoming, showcasing ANZ’s unwavering commitment to the local community.

The Community Bank Maldon & District is now 25 years old, and you’re invited to the celebration at Bank Corner ... It all began with a determined group of local residents who banded together to see what they could do about the fact that the Commonwealth Bank and the National Bank had deserted the town.