Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

I thank senators for bringing this amendment to the Senate. I note that issues around access to banking, particularly in rural and regional Australia, have been spoken about often in this chamber. They are issues that many senators care about deeply.

The government does not support this amendment. The amendment would require post offices, including independently operated, licensed post offices, to hold large sums of cash to accommodate multiple potential cash withdrawal transactions of up to $10,000 each. This would impose a significant additional cost on Australia Post and its licensees to hold large sums of cash, which would have implications for cash-in-transit costs, security and investment in upgrades to retail outlets. This could be particularly onerous in smaller licensed outlets which often operate in conjunction with another small business, such as a newsagency or general store. While acknowledging the significance of banking services in regional Australia, it is important to note that Australia Post is not a bank. It provides limited banking services through Bank@Post, including accepting cheque deposits, bill payments and limited cash withdrawals.

I note that the Senate Rural and Regional Affairs and Transport References Committee examined access to banking services in rural and regional Australia in recent times and made a series of recommendations. These include the Australian government working closely with the banks and Australia Post, major banks having agreements with Australia Post and harmonising the products offered through Bank@Post, including for small businesses. This work is ongoing.