Banking

With the announcement that Bendigo Bank is closing two* of its regional branches at Yarram and Korumburra this week, it’s time to again call bull#%*t on the claims this corporation makes about the size of its branch network ... in deciding to close two of its 75 corporate branches across regional Australia, Bendigo Bank has not selected sites in locations that are well serviced by banks, it is pulling out of towns that rely on it as the only bank left.

Australia’s co-operative and mutual sector has ambitions to emulate its UK counterpart’s planned doubling in size, after recording an 8.4 per cent increase in annual revenue. The latest National Mutual Economy Report (NME) … shows continued resilience by the sector against a backdrop of on-going global volatility and stabilising inflation.

One of the most important Federal Government inquiries into welfare issues specific to regional Australia in decades handed down its final report a year ago this week ... the recommendations are still languishing in a no-man’s-land of neither being accepted or rejected.

Queensland's central financing authority, Queensland Treasury Corporation has issued a new EUR 1.25 billion (~AUD 2.15 billion) benchmark bond, receiving significant demand with orders more than seven times the issuance amount ... Treasurer David Janetzki said with global uncertainty at an all-time high, the Crisafulli Government had re-established Queensland as a low-risk investment option.

...Bendigo Bank Agribusiness’ Monthly Commodity Update finds that US tariffs should have less impact than initially expected, however dry conditions across key cropping regions still have grain producers on edge. Lamb markets are stable with wool a bright spot, while supply chain issues for fruit and vegetables have seen a lift in wholesale prices on the east coast...

When does a bank cease to be a bank? ... As of March 2025, ANZ is just a handful of branches away from the majority of its banks in the most populated areas of Australia being cashless ... Regional Australia ... has lost 20 branches to cashlessness ...

An elderly Denmark man paid the airfares for his niece and her husband to come to WA from England so he could move his life savings from Bank West to the Commonwealth Bank. The couple’s airfares cost Kevin Doherty, 87, $6100 for the niece to help him with drawing up his will as well as the bank transfers for term deposits because he is unable to do online banking.

Former pharmacist and Denmark Shire councillor Adrian Hinds, 87, wants banks to allow non-computer users to make cheque payments when cash is not appropriate ... He prefers to use cheques believing there are insufficient protections for bank customers from fraudulent electronic transfers from their accounts.

Hugh Schuitemaker. Further support measures are needed to ensure further closures to Riverland bank branches are avoided, according to the region’s Federal MP. The Federal Government last week announced an agreement with banks to “ensure banking services remain available in the regions”.

The latest Monthly Commodity Insights report from Bendigo Bank Agribusiness flags a strong start for Australian agricultural markets in 2025.

The Federal Government has published a proposal for a cash mandate that will only apply to a legislated list of “essential” goods and services and give express permission to more than 97 per cent of businesses in Australia to refuse to accept cash. Due to the restrictions and exemptions attached to this proposal, I cannot support it.

Towards the end of this 2025 year, all Australians have been guaranteed continued access to using cash by special mandated legislation. This development at Federal level will be one of the most important advances facing each of us personally in the near future as it will hopefully deter those who set out to steal our hard-earned money.

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.