FULL LIST: Inquiry Committee urges banks to pause regional branch closures

A Queensland MP is urging regional Australians to abandon big banks who shut down local branches ahead of a Senate inquiry as we reveal almost 100 branches that have closed in recent months. SEE THE FULL LIST

Big banks have been told to halt plans of further regional closures while a Senate committee investigates why communities are being “abandoned”.

The Senate has this week established an inquiry to assess the impact of bank branch closures on regional communities, with a report due by the end of the year.

Senate Rural and Regional Affairs and Transport Committee chair Matt Canavan said the bank closures were hurting communities and local businesses were struggling to operate.

SCROLL DOWN TO SEE THE 92 REGIONAL BRANCH CLOSURES SINCE SEPTEMBER

The LNP’s ‘Central Queensland team’, with Senator Matt Canavan, Capricornia MP Michelle Landry and Flynn MP Colin Boyce. Picture: Supplied

“They have been told to “try online banking” which just leaves them in the lurch … it’s simply impossible for a store owner to deposit their daily takings, and get the change they need from online banking,” Mr Canavan said.

“Banks provide a vital service, when a bank leaves town with no way to access banking services they leave that community behind.

“I call on all the banks to stop closing branches until they can hear how their planned closures would affect local communities and towns.”

The inquiry was established following a motion moved by Senator Gerard Rennick and has support from Liberal, Labor, Greens, and Nationals senators.

Mr Boyce’s comments follows Westpac Kin Kora (Gladstone) informing customers last week they would be closing the branch. Picture: Supplied

Following the closure of yet another branch in the Central Queensland electorate of Flynn this week, federal MP Colin Boyce said it was time for the big banks to “put their money where their mouth is” and stop treating regional communities like “second class citizens”.

“To the people of Flynn in communities like Gladstone who are now losing yet another service – I urge you to move your business and send the big banks a message,” Mr Boyce said.

“If you abandon us, we abandon you,” he said.

Westpac Kin Kora (Gladstone) customers were notified last week that their local branch was closing.

Mr Boyce says the recent move joins over 550 branch closures since January 2020 by the big four banks.

Branch closures have occurred across the Flynn electorate in communities such as Gladstone, Tannum Sands, Moura, Biloela, Theodore, Emerald, Springsure, Capella, Mundubbera, Gin Gin, Gayndah, Gracemere, Taroom, Wondai and Mount Morgan.

Senate submissions for the inquiry are open until March 31. Find out more information here.

Source: Financial Services Union (FSU)