The Albanese Government has today released the final report of the Regional Banking Taskforce, which was set up to examine the impact of bank branch closures on regional communities and identify possible solutions to maintain and improve banking services.
Since the establishment of the Taskforce in October 2021, it has brought together banks, and other key stakeholders to work together with the government to examine trends in bank branch closures and how they affect regional communities and economies.
The Taskforce conducted four round table meetings to share information and identify possible solutions. The consultation process received over 400 submissions from the public on this important topic, which helped inform deliberations.
The Taskforce found:
- banks can do more to communicate with individuals and communities when closing a regional branch
- alternatives such as Bank@Post can help maintain banking services
- it is important to maintain access to cash and to have data to monitor and understand how people do their banking
- people experiencing vulnerability face particular challenges and need to be supported in accessing banking services
- continuing to support digital connectivity and literacy will help regional customers have more banking options.
Importantly the report includes seven recommendations, which provide a way forward to help improve banking services in regional Australia and support a better future for all Australians. The recommendations cover:
- reviewing and strengthening the ABA’s branch closure protocol, and implementing branch closure impact assessments
- promoting and supporting Bank@Post services and maintaining access to cash
- improving support for regional consumers experiencing vulnerability
- supporting digital connectivity and literacy
- reviewing the APRA's points of presence data collection to better understand how people do their banking.
The report can be found on the Treasury website.