regional bank closures

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.

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 Member for Barkly has called out the corporate ANZ company for its lack of stable banking facilities in Tennant Creek. A number of customers who had been waiting outside the local branch since its 9.30am opening time on Tuesday were frustrated by its closure. Barkly MLA Steve Edgington highlighted the plight of residents without keycards ...

In a public hearing ... President Smith, representing the Shire of Ashburton, has ignited a call to action to halt the ongoing regional services inequality and curb the accelerating closures of banks across regional Australia. President Smith emphasised the urgent need to shed light on the insidious impact these closures are having on towns and communities...