Senate inquiry announced into bank branch closures in regional Australia

Banks across regional Australia are closing their branches at a faster rate than anywhere in the world.

96 bank branches closed down in NSW in 2022 according to data from from the Australian Prudential Regulation Authority (APRA).

Today Sentator Gerld Rennick has announced that there will be a Senate inquiry into bank branch closures in regional Australia.

The inquiry will examine:

• The branch closure process, including the reasons given for closures;
• The economic and welfare impacts of branch closures on customers and regional communities;
• The effect of bank closures or the removal of face-to-face cash services on access to cash;
• The effectiveness of government banking statistics capturing and reporting regional service levels, including the Australian Prudential Regulation Authority’s authorised deposit-taking institutions points of presence data;
• Consideration of solutions; and Any other related matters.
• Assessing the economic flow-on of bank closures for individuals, businesses and communities in regional Australia would also be a priority, along with the effect of bank closures and banking policy on access to cash.

Banks have a social licence to provide banking services to all Australians regardless of their location. They should honour it.

Senator Gerld Rennick