Susan McDonald (Queensland, National Party, Shadow Minister for Resources) Share this | Link to this | Hansard source

Last week I was informed that Cloncurry, Ingham and Tully would be the sites of the latest Westpac bank closures. I acknowledge that times have changed and there are fewer people going into branches for transactions they would previously speak to a teller about. I acknowledge the partnership between Westpac and Australia Post to allow customers to do their Westpac banking over the Australia Post counter. However, what the closures don't acknowledge is that profits generated by the bank from regional businesses—agriculture, mining, tourism and others—are not then reinvested back to those regions. It is critical that forcing people to do their banking and other government services online means that they must also have access to a reliable, fast internet connection and better phone coverage. These services must be improved in those three towns and others right across regional Australia.

These branch closures will also be felt keenly in the regions as bank staff would volunteer at community events and also provide a pathway for regional young people to have a career in the banking industry. I understand people's concerns with these closures, because it can be frustrating trying to explain a situation to somebody over a phone or via a website chat function. Local staff at a branch meant that finance decisions and lending were done with firsthand knowledge of people's personal circumstances and the realities of life in regional places. But having these branches in town also acknowledged the economic significance of regional areas and, as I mentioned, provided opportunities for young people to start a career close to home.

I'm grateful to Senator Matt Canavan and the Rural and Regional Affairs and Transport References Committee for taking on another Senate inquiry into branch closures. I encourage anyone who has concerns to make a submission. I'll be posting a link on my website.