Banks ignore community concerns, shut more branches
As our immediate community comes to terms with the Bendigo and Adelaide Banks’ decision to rip bank services from Barham, Cohuna and Pyramid Hill, three of 16 agency closures the Better Big Bank is implementing, the Finance Sector Union (FSU) is calling on the major banks to stop closing bank branches in metropolitan and regional areas while a Senate Inquiry into Regional Branch Closures is underway ... The FSU stated NAB refuses to acknowledge community concerns and has announced branches at Jeparit and Inverloch in Victoria will close. Branches at Boonah, Qld and Queanbeyan, NSW will also be shut down.
Bute PO posts solid results
Michelle Daw. Bute's post office has the potential to become a thriving, privately run, business in the future, thanks to strong results achieved in the past decade under the management of Barunga West Council. That was the assessment included in a report by CEO Maree Wauchope, tabled at council’s April meeting.
Buloke Times editorial: Banking closures
The situation about bank closures is clouded. Over a year ago, the “Times” published its last editorial on rural banking. At that time, a study was to be made by a Rural Banking Taskforce, giving the final result in April 2022 ... Since the Taskforce investigation produced its pre-election final report on September 20, 2022, more than 80 regional banks have closed or have closure notices issued.
Cairn Curran Sailing Club receives Bendigo Bank grant
Cairn Curran Sailing Club is delighted to receive funding from Bendigo Bank for shade cloth ... Club members had been hoping to provide access to shade on the deck for many years and were thrilled when Bendigo Bank generously provided a grant of $12,000 towards the cost of the purchase and installation of the much-needed shade cloth.
Community rallies as ‘better bank’ cashes out
More than 250 people gathered like David taking on the might of Goliath ... Event organiser, Andrew Gibbs, gave a passionate speech to the crowd as he expressed the disgust and injustice of the decision by the Bendigo and Adelaide Bank to close 16 agencies, including Pyramid Hill, Cohuna and Barham.
Goodbye Stawell: Bendigo Bank agency closure marks the end for community banking
Residents of Stawell and surrounding towns have been deserted for the greener pastures of the digital realm, with Bendigo and Adelaide Bank suggesting that an investment shift toward phone and internet banking services is behind a decision to permanently close the Bendigo Bank Agency located at Fosters Mensland in Stawell ... With an aging demographic, many residents in Northern Grampians Shire rely on consistent face-to-face interaction and prefer to bank with representatives they know and trust.
Community rally as agency to close
Community members across Murray River and Gannawarra local government areas continue to express their dismay at the Bendigo Bank’s decision to close the Barham, Cohuna and Pyramid Hill agencies. The bank claims the closures, along with 13 others, are due to the number and value of over-the-counter transactions falling as more customers choose to do their banking online ... This week, a meeting was held between Bendigo Bank executives, Member for Murray Plains Peter Walsh and a representative of the Gannawarra Shire Council.
The better big bank abandons communities
The Bendigo Bank has announced that it will terminate 16 agencies as the bank seeks to build on last year’s measly profits of $488,000,000 ... Customer advocacy, satisfaction and community prosperity seem to be far from the driving force behind the decision that will see the closure of Barham, Cohuna and Pyramid Hill Bendigo Bank agencies on Friday, July 28, 2023.
KPMG study on customer-owned banks in communities
The KPMG report Sector Impact Assessment of Customer Owned Banking in Australia found that the 61 customer-owned banks have five million customers and represent 70 per cent of Authorised Deposit-taking Institutions (ADIs) in the Australian market. And despite their relatively small share of market assets ($158.8 billion compared to $4,370 billion for the major banks), the contribution of customer-owned banks to people and communities is proportionately greater.
NAB Rural Commodities Index stabilises after a rocky start to 2023
After steep falls in late 2022 and early 2023, many Australian agricultural commodity prices have stabilised, according to the NAB March Rural Commodities Wrap released on 27 March 2023. While the NAB Rural Commodities Index* was down 1.2% in February, almost all of the downside was driven by falling cattle prices as the industry faces parallel challenges of higher turnoff, processor constraints and tough global conditions.
Plea to banks
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.
Desperate measures to keep bank open
The proposed closure of the Bank SA branch in Kingston will have a devastating impact on the township, its neighbouring communities, and businesses that rely on rural banking. This was the sentiment echoed by almost every member of the public who attended the committee consultation on the future of Bank SA organised by the Kingston District Council on Wednesday.
Senate inquiries are serious business and no place for spin
Contempt of the Senate is a pretty easy thing to get your head around. Witnesses at hearings who give false or misleading evidence run the risk of being hauled in front of the privileges committee for a “please explain” ... There’s a lot that could be considered as misleading in NAB’s testimony at Sale but saying they are “committed to being where its customers are” is the first outright fib given in evidence to this parliamentary inquiry.
Australia Post banking expansion in “national interest”: Katter
Australia Post’s future lies in the ability of the public-owned service to diversify and meet the needs of a modern-day nation that is being strangled by grotesque free-marketeers, Katter’s Australian Party Leader and Traeger MP Robbie Katter has said ... Mr Katter said, with its well-established network of branches, an expansion of Australia Post into the personal and business banking space was in the “national interest” and now was a golden opportunity for transformation.
Bank body silent on disabled access breach of its Code
Today we learned three things: the Banking Code of Practice isn’t worth the paper it is written on, the format for emailing Westpac executives directly and that Anna Bligh’s Australian Banking Association will only engage with journalists who give them an easy run.
Westpac delay welcomed
Patricia Gill. Denmark’s Westpac Bank is among eight regional Westpac banks Australia-wide whose closure has been postponed ... The closure of Westpac would leave the town with one bank operating, BankWest. Denmark’s NAB branch closed on February 9 after scaled-back opening hours and the bank citing a ‘new model’ affecting 114 small regional Australian branches.
Open letter to Albo: Apparently you have the power to pause bank closures
Just five months ago, a petition calling for an immediate moratorium on regional bank closures was signed off on by your government, published and subsequently received 5000 signatures. Yesterday, in defiance of a direct request by a senate committee investigating the economic and welfare impacts of regional bank closures to pause all planned closures while the inquiry was in progress, Westpac shut the last banks in the South Australian towns of Coober Pedy and Tailem Bend.
Softening cattle prices reflect ag commodity volatility: NAB
Australian agricultural commodity prices have continued to fall in the new year with the NAB Rural Commodities Index* now 14.4% below year-ago levels. Lower beef cattle prices and to a lesser extent, grain prices, are the key drivers of the weakening in the Index, according to the NAB February Rural Commodities Wrap.
Westpac’s deception by omission will not be forgotten
I’m sure there will be beers all round tonight for the Westpac communications team who managed to flip the bird at six federal senators this week and pull off one of the most stunning PR subterfuges I have ever witnessed. It was stunning for the range of those who fell into the trap and the breadth of media who picked up and reported the story without question – from the senators themselves to seasoned journalists in national newsrooms.
With its back to the wall, Commonwealth Bank halts closures
Junee is one of the first towns to benefit from a parliamentary call for banks to halt all planned branch closures until a senate inquiry reports back at the end of the year. The Commonwealth Bank is the first of the big four to act on the official request, sent Friday, with Junee and Bright closures put on hold.
Junee losing Commonwealth Bank, who will be next?
Junee Shire Council is fighting back against the Commonwealth Bank of Australia’s (CBA) decision to close the last remaining financial institution in its town. CBA, who announced a $9.2 billion net profit last year, is pushing ahead with plans to permanently shut its Junee bank branch and ATM in March, despite pleas from residents who now face an hour-long round trip to Wagga for transactions and loan services.
Senate to hold first regional banking inquiry in 19 years
A motion to hold Australia’s first parliamentary inquiry into regional bank closures in 19 years has passed through the Federal Senate this afternoon. The new inquiry will look at the economic and welfare impacts of branch closures in regional Australia, as well as the process banks are following to close branches and reasons being given.
