The Nationals have raised the issue of bank closures in regional communities in Parliament, calling on the Minister for Regional Development to support regional towns to ensure vital local banking services remain.
In data released last year, 575 Australian towns that once had at least one of the big four banks now have no form of bank at all.
Nationals Member for Euroa Annabelle Cleeland said something needed to be done to address the multiple banks closing across the state.
“We have seen several closures across our region of late with locals understandably angry about the reduction in face–to–face services,” Ms Cleeland said.
“Bendigo Bank is shutting their agency services in both Stanhope and Euroa, while Seymour ANZ closed after the October floods.
“Some of the most vulnerable members of our community rely on their services and their departure from our regional communities will leave a gaping hole in financial services.”
For many members of regional communities, particular those with older populations like much of the Euroa electorate –brick and mortar banking facilities provide an essential service.
“While our banking system is modernising it remains crucial regional Victorians are not left behind in this transition,” Ms Cleeland said.
“So many people across our region aren’t set up for online banking for a range of reasons and branch closures have a massive impact on these people.
“Our elderly often rely on cash to pay bills and are left in a difficult position if services are reduced, particularly in smaller regional towns.
“Many of these factors are also made worse by poor phone and internet coverage in our rural areas.”
An inquiry to examine the current extent of bank closures in regional Australia and the impacts this has on regional communities is expected to release its final report in December.
“While it is all well and good bemoaning the closures of branches across regional areas what we really need is solutions,” Ms Cleeland said.
“I’m hopeful this committee will report with some strong recommendations and a pathway to protecting and balancing regional service with a modern financial system.”
