More than half of Australia’s ATMs, one-third of bank branches shut since 2019

It is getting harder and harder to use cash in Australia, as the latest data paints a tough picture for cash users and the older population.

More than 200 bank branches evaporated last year, and the country has lost 6000 ATMs in the space of five years.

Analysis from Canstar shows bank branch closures outside the major cities slowed down compared to the 2023 financial year, but the 2024 financial year still saw 230 branches shut.

“A branch or ATM closure in a shopping centre where there are alternatives nearby is very different to a branch closure in outback Australia that forces people into the car, in some cases for hours, to get to and from their new nearest branch,” Canstar data director Sally Tindall said.

The closure of branches and ATMs inversely correlates with digital payments.

The Bank@Post outpost at Byrock, in central New South Wales, 200km south of the Queensland border. Picture: Google

But on Monday the Westpac app and online banking suddenly crashed. Westpac said the issue was fixed on Monday afternoon, but even into Wednesday customers were reporting they cannot login.

The other side of the issue with shutting down bank branches is less tech-savvy people struggle to bank online, and regional and rural businesses need somewhere to deposit their cash.

Commonwealth Bank, Westpac and ANZ have pledged not to close any regional branches through to the end of 2026.

A third of branches have closed in the past five years, while the number of ATMs has been slashed by more than half.

ANZ has removed the largest proportion of ATMs among the big four banks since 2019. Picture: NewsWire / Roy Van Der Vegt

The Canstar data shows last year 52 regional branches shut. The year before, 112 closed their doors.

“That said, if you ask anyone who was relying on those 52 branches to do their day-to-day banking, they won’t exactly be chalking this up as a win,” Ms Tindall said.

“Cash might not rule the roost any more but there’s still plenty of Australians that rely on it as a way to pay for things,” she said.

The ability to do your banking at a post office is key in many remote areas. There are 3428 Bank@Post centres in the country. Commonwealth Bank, NAB and Westpac customers can handle their finances at the post office.

None of the “very remote” 117 Bank@Post centres closed last financial year. One “remote” Bank@Post actually opened. Between 1 and 3 per cent of metro, “inner regional” and “outer regional” banking post offices shut.

Armaguard required a $50m bailout from the private sector this year because there is less cash to transport. Picture: NewsWire / Nikki Short

Western Australia lost 9 per cent of its 339 bank branches last year – the most of any state or territory. NSW lost the highest number of branches, waving goodbye to 78 (7 per cent) of outlets.

Looking at ATMs, the Northern Territory is the easiest place to live if you mostly use cash. The territory has been losing ATMs at a slower rate during the past five years than the rest of the country.

Last year, six extra ATMs popped up. The other jurisdictions list between 2 per cent (Victoria, down to 1500 ATMs) and 8 per cent (the ACT, now with 81 cash machines).

“The latest ATM statistics from the RBA shows Australians withdrew $107bn in the last 12 months alone – that’s a lot of cash,” Ms Tindall said.

“The banks, government and regulators will need to continue collaborating on solutions as our payments and banking platforms evolve.”