Residents face a 90-minute journey to access ANZ Bank as local branch closes in Katoomba

Locals are fuming over ANZ’s shock move after the bank posted a profit of more than $7 billion last year.

Residents of a major town in New South Wales are fuming at the closure of the town’s ANZ branch.

The branch is in Katoomba, in the Blue Mountains, west of Sydney. .

It was especially valued by elderly and mobility-impaired locals to manage their finances.

Local Kim Grace has voiced significant concerns following ANZ’s shock decision to shut down the Katoomba facility and has launched an online petition.

The move has resonated poorly given ANZ’s reported $7 billion profit last year.

“This is not just an inconvenience; it’s an outrageous disregard for customers from a bank that reaps significant profits,” Ms Grace said.

“The proposed closure of this branch – the only one between Penrith and Bathurst – shows a lack of care or concern for customers, especially those who are elderly, without transport, or on lower incomes.”

Affected residents now face the prospect of travelling up to one and a half hours to reach the nearest alternative branch.

There was an outcry after the bank released a letter announcing the closure, with many saying the move showed a disregard for Aussies in more remote communities.

A separate Change.org petition initiated by Jason Bryce has attracted more than 170,000 signatures advocating for guaranteed access to banking services and cash.

The branch, which was located between Penrith and Bathurst, was crucial for elderly and mobility-impaired locals who relied on its services to manage their finances.

The community’s reaction was triggered by a letter announcing the closure.

“Australia’s big banks sit at the heart of the financial system. Only the big four banks have agreements with the RBA to buy banknotes. Everyone else who needs to deal in cash relies on the banks,” Mr Bryce wrote.

“The banks benefit from every Australian having a bank account. Very few adults get paid in cash. Everyone needs a bank account to operate in Australia.

“So banks have a responsibility to provide us with access to cash in every town and suburb in Australia. If the banks won’t act to protect our access to cash, the government must step in.”

Mr Bryce pointed to New Zealand’s approach as a model, citing their initiative to establish “cash hubs” in rural towns to support daily cash transactions. He criticised the push towards digital transactions which, although convenient, lack the privacy, reliability, and inclusiveness of cash.

“New Zealand is currently ensuring every rural town has a ‘cash hub’ because most Kiwis use cash everyday,” he said.

“It feels like banks are always steering us toward digital transactions. Only cash is private, reliable and surcharge-free. Only cash is inclusive and makes budgeting easy.”

Originally published as Residents face a 90-minute journey to access ANZ Bank as local branch closes in Katoomba