Why it matters: Banks have closed about 680 regional branches since 2017.
It has left regional residents and business reliant on cash in the lurch.
But the banks are resistant to a mandate that makes them maintain a minimum number of branches.
CBA boss Matt Comyn said that investment was “unsustainable” given the rise of internet banking.
More branch closures are on the way for regional Australians after the big four bank chief executives battled against a push from senators to mandate a minimum rural network, and CBA argued the annual $1 billion cost of maintaining its branch footprint was unsustainable given the declining use of cash.
In an at-times tense Senate hearing, National Australia Bank chief executive Ross McEwan hit back at suggestions he was “out of touch with regional Australia”, as his company continues to close regional branches.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
