Regional Bank Closures Report Drops

May 27, 2024 9:12 am in by

The findings of a government review into regional bank closures have called for sweeping changes…

From 2017 to now nearly 800 banks have closed in regional areas across Australia, including several through the Spencer Gulf.

Eight recommendations were listed in the report, including creation of a fund to support the establishment of community bank branches, an expansion of bank@post services and the introduction of a “reasonable access to cash” guarantee from government.

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The Senate Standing committee’s also proposing the Government consider a publicly owned bank.

The report also found, banks should be held more accountable by being listed as an essential service for the community – something they lobbied for during Covid, for their own benefit.