Michael McCormack (Riverina, National Party) Share this | Hansard source

Unfortunately we continue to see bank branch closures in regional communities. The number of bank branches in regional and remote Australia was reduced by almost a quarter over the four years to June 2021. That's a decline from around 2,500 branches to around 1,900 branches in just four years. We know that these bank branch closures are part of a broader trend across the country, but these closures hit regional communities hardest. Bank branch closures in the regions can affect the liveability of country communities, particularly for residents who are unable to use online services to do their banking. That is especially older residents and Indigenous residents—people who may not be connected online.

This is why the government has established a Regional Banking Taskforce, which will bring together key stakeholders, including banks, Australia Post, the Local Government Association and other key stakeholders—key peak bodies. The task force will assess the impact of bank branch closures in regional communities and how banks are providing services and important delivery models. Now, they use the word 'transitioning', but I don't like that word, because it almost indicates that they've just shut up shop, that they won't be coming back. I appreciate that in some communities they won't be, but we need to do everything we can to reinforce the message that we need these services.

Over coming months, the members of the task force will bring insights and knowledge to better understand the role of technological innovation in banking services and impacts of branch closures on individuals, businesses, community organisations and regional industries. Indeed, some small businesses rely on banks to have that cash flow. They don't want to have to keep cash on the premises, because of the risk of break-ins. These and other matters are so important with this particular issue. The task force will also seek solutions to maintain or improve banking services and accessibility where branches have been lost.

In my community—and all politics is local—we're losing the Cowra branch of the ANZ. It's closing before the end of the year. The Cootamundra branch of the ANZ closed in September. The Forbes branch of the ANZ closed in May. The ANZ also closed its Junee branch in 2016. The Commonwealth closed its Wagga Wagga Fitzmaurice Street branch this year. The Lockhart branch has been closed since July. There are reduced opening hours for 90 regional branches, including those in Cootamundra, Forbes, Temora and West Wyalong. The NAB closed its Ardlethan, Lockhart and Grenfell branches, all in 2018, and Westpac has closed its West Wyalong branch. They are just some of the many branch closures right throughout regional Australia.

We're doing something about it. We're investigating what is happening and what we can do to improve it, and we're making sure we keep banks on notice to provide those important services in country communities.

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