REGIONAL BANKING TASKFORCE A CHANCE TO FIGHT FOR AN ESSENTIAL SERVICE
Member for Riverina Michael McCormack has spoken out in Federal Parliament about the devastating blow of bank branch closures on rural and regional communities.
Speaking on the Federal Government’s formation of a Regional Banking Taskforce, Mr McCormack said: “We know that these bank branch closures are part of a broader trend across the country, but these closures hit regional communities hardest”.
“Bank branch closures in the regions can affect the liveability of country communities, particularly for residents who are unable to use online services to do their banking,” he said.
The taskforce will bring together banks and other key stakeholders to assess how bank branch closures have impacted local businesses, industries and communities and work collaboratively to identify possible solutions.
It will provide a platform to establish how the transformation within the banking industry, particularly branch closures, has affected those living in the regions.
The taskforce will also enable the Government to work closely with the banks and local communities to assess how these services can best be delivered in the regions.
Importantly, it will seek ways to prevent future branch closures.
In his speech, Mr McCormack listed bank branches which had closed or would be closed in the Riverina and Central West, including ANZ branches at Forbes, Junee and Cootamundra, NAB branches at Ardlethan, Lockhart and Grenfell, Westpac’s West Wyalong branch and Commonwealth Bank branches at Wagga Wagga and Lockhart.
“They are just some of the many branch closures right throughout regional Australia,” Mr McCormack said
After his speech, Mr McCormack called on the taskforce to visit the Riverina and Central West as part of its inquiries.
“I would be happy for the taskforce – particularly the bank representatives – to visit the Riverina and Central West to see and hear first-hand how bank closures have affected smaller communities and how branches can be profitable if the bank decision-makers simply worked with their customers to understand and overcome any problems,” Mr McCormack said.
The co-chairs of the taskforce are Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, Michael Sukkar, and Senator Perin Davey.
Members include senior representatives from:
• Banks – ANZ; Commonwealth Bank of Australia; National Australia Bank; Westpac; Bendigo and Adelaide Bank; Bank of Queensland;
• Peak bodies – the Australian Banking Association, the Customer Owned Banking Association; the Council of Small Business Organisations Australia; the Australian Chamber of Commerce and Industry;
• Australia Post; and
• The Australian Local Government Association.
The taskforce will hold its first meeting in early November and will release an issues paper for public consultation.
The Regional Banking Taskforce and the Government’s support for rural and regional communities is part of the Government’s economic plan to support the recovery and keep Australians together.
“I know the drought knocked confidence and profitability about for some time, but we are seeing towns and villages bouncing back strongly on the back of incredibly good seasons and Federal Government investment in communities through programs such as the Local Roads and Community Infrastructure Programme and the Building Better Regions Fund,” Mr McCormack said.
“This is a time for banks to get on board and back our regions.”