With many bank branches closing on the Central Coast in recent years, Member for Robertson Dr Gordon Reid has welcomed a commitment from the major banks secured by the Federal Government to ensure banking services remain available in the regions.
“Banks are the lifeblood of regional and rural towns, and they play an important part in our local economies,” Reid said.
“The Federal Labor Government is working with the banks to ensure banking services remain in our regional and rural communities.
“This is a great outcome for all Australians.”
Since 2017, 36% of bank branches in regional Australia, including the Central Coast, have closed.
“People are increasingly using digital banking and payment methods, but face-to-face services remain essential, particularly for people and small businesses in regional areas, where digital alternatives may not always be accessible or meet their needs,” a spokesperson said.
The package of commitments from the banks includes:
NAB, CBA and Westpac have committed to no more regional branch closures before July 31, 2027.
The Government has also asked the banking sector to increase its commitment to and investment in regional banking through new Bank@Post agreements.
Following discussions with the Government and Australia Post, CBA, NAB and Westpac have all reached new in principle Bank@Post agreements, and ANZ has agreed to key terms on which it will join the service.
The Government also welcomes a decision by Macquarie and HSBC to start negotiations with Australia Post on Bank@Post services.
The Government will continue to work with regulators, industry and communities to ensure regions have access to fit for purpose and sustainable banking services over the long term.
This includes a focus on sustainable cash distribution and ensuring Australians can use cash to pay for essentials if they want or need to.
Consumers should just switch to a community bank. In Umina we have a great local branch with Bendigo Bank Ettalong.