Banks retreat from High Street and regional centres
Australia’s big banks have continued to cash out of bank branches and ATMs, with data from the prudential regulator showing 309 branches were shut across the country in the past year.
Australia’s big banks have continued to cash out of bank branches and ATMs, with data from the prudential regulator showing 309 branches were shut across the country in the past year.
Total branches across the country fell to just 4014.
The figures from the Australian Prudential Regulation Authority show all regions across Australia recorded a decline in bank branch levels between June 2021 and June 2022.
Major cities bore the brunt of closures, with 212 branches closed for good in the period.
However, regional and remote Australia also had declines with 97 branches across Australia shut in the year. Victoria and NSW led the pack, respectively losing 88 and 96 branches in the year.
Queensland lost 57 branches, while South Australia lost 27 local banks.
The pace of closures means Australia’s high streets have lost 1680 banks since June 2017.
An Australian Banking Association spokesman said the APRA numbers showed the majority of closures were in the major cities and regional Australia “where there is a much more diverse range of digital banking facilities and other branches”.
“Australian banks understand that there are still customers who need face-to-face services and those who need extra support in transitioning to digital services,” he said.
This comes as Westpac announced another round of bank closures, signalling plans to shut 23 branches across the country in the coming months.
Westpac will shut a swath of branches under its Bank of Melbourne, Bank SA and St George brands in a move condemned by the Finance Sector Union.
FSU national secretary Julia Angrisano said Westpac had already shut 96 branches over the past four months, with its latest move leaving many towns without any banks at all.
“We need the federal government to step in and stop the banks from deserting regional Australia,” she said.
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