Taskforce to examine impacts of regional bank branch closures

27th October 2021

A Regional Banking Taskforce has been established by the Federal Government to assess the impact of bank branch closures on regional communities.

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.

Federal Member for Forrest Nola Marino MP said there are people seeking a range of banking services and products through face to face services through local bank branches. This is particularly important for residents who are unable to or not confident with using online services.

“Bank branch closures in the South West do have impacts on our local communities. This taskforce will be looking at how we can keep banking services in our towns and how these services can be delivered.

Michael Sukkar, the Assistant Treasurer, and Senator Perin Davey will act as co-chairs of the taskforce, which will also include senior representatives of banks, peak bodies such as the Australian Banking Association, local government associations as well as Australia Post, who offers banking services in 3,500 outlets.

The Taskforce will hold its first meeting in early November and will release an issues paper for public consultation.