Banking

Many essential service providers, including the government, are “abandoning” rural towns like Naracoorte in South Australia … We asked Naracoorte Lucindale Council mayor Patrick Ross, Minister for Regional Development Clare Scriven, Shadow Minister for Regional South Australia Nicola Centofanti, and Federal Member for Barker Tony Pasin why our towns are losing essential service providers and what needs to be done to help our frustrated communities.

“Customer-owned banks offer a powerful counterpoint to the investor-owned banking model, but it's important that regulators understand this difference when they create rules for the banking industry. We believe this dominance has led to a view of ‘investor owned’ by default in policy and decision-making, and we are hoping this review will result in a more balanced and nuanced approach to regulation”: Customer Owned Banking Association CEO Michael Lawrence.

For the many people who have spent years working on this issue, culminating in the senate inquiry being called in 2023, the failure to respond officially to the final report and subsequent behavior of the federal treasurer, is highly disrespectful ... Jim Chalmers needs to recognise the democratic processes of government and stop white-anting the findings of this inquiry.

People First Bank has announced a significant new partnership with the award-winning, locally based FKG Group to develop a new five-storey head office in Toowoomba’s CBD ... The new head office at 502 Ruthven Street will accommodate up to 400 employees in a modern, adaptable work environment.

The latest agricultural lending statistics provided by the Australian Prudential Regulatory Authority (APRA) show an increase in lending to the farm sector of 6 per cent in 2022-23, reaching $120.5 billion. Executive Director of ABARES Dr Jared Greenville said that while the amount of debt had risen, the reasons point to ongoing investment in the sector.

Federal MP Kevin Hogan is disappointed the inquiry into how insurers dealt with flood claims has resulted in more red tape. The Federal Government has released its final report and recommendations for the inquiry into insurers’ responses to 2022 major flood claims.

Customer-owned banks are giving back to their communities at a rate nearly nine times higher than the major banks, according to the Customer Owned Banking 2024 Impact Report released today. Credit unions and mutual banks dedicated 5.2 per cent of their profits to community and charitable organisations, totalling $38.4 million. In contrast, major banks contributed 0.6 per cent of their profits.

Clarence Valley residents who are fed up with banks and governments can now leave them behind and trade in Bitcoin after two of the Cryptocurrency Automatic Teller Machines ATMS were installed at Service Stations at South Grafton and Yamba recently. Bitcoin is a decentralised digital payment system and currency invented in 2009, making it the world’s oldest and most well-known cryptocurrency...

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.