Stephen Conroy (Victoria, Australian Labor Party, Deputy Leader of the Government in the Senate) Share this | Hansard source

The answer to the honourable senator's question is as follows:

(1) In cooperation with Rural Bank, Australia Post launched 39 pilot stores in November 2011

and will have 700 postal outlets offering Rural Bank services by the end of 2012. Work is underway to expand the range of products available as Australia Post extends the number of participating outlets.

(2) (a) LPOs play a critical role in strengthening banking in rural areas as they make up a large part of the network that will support Rural Bank. These additional banking services will provide licensees with new streams of revenue thereby assisting them to run sustainable businesses.

(b) Eventually Rural Bank customers will be able to perform specific new account opening functions at up to 1400 postal outlets (700 by end of 2012) and be able to meet their daily transactional banking needs at up to 3200 postal outlets.