A federal committee has concluded its investigation into bank closures in regional Australia, detailing a range of recommendations including ensuring regional Australians can access cash and flagging the establishment of a public bank.
A federal inquiry has delivered its final report after investigating the impact of bank closures in regional Australia.A Senate committee's final report looking at the impact of bank closures in regional communities says Australians will continue to "pay the price" if regulations are not changed to limit branch closures.
It also recommended the government investigate the feasibility of a publicly-owned bank and set up a Regional Community Banking Branch Program . "Along with an increased need for cash, regional and remote communities are more dependent on face-to-face services. "Further, a large government-owned bank would put the ongoing viability of the many small and medium sized banks that serve customers in regional and rural Australia at serious risk."The idea of a community-managed bank has previously been floated by Western Australia's Shire of Ashburton.
Tom Price's residents have had to employ creative solutions to access cash since their branch closed in late 2022.The committee travelled to the mining town of Tom Price in the Shire of Ashburton earlier this year and heard from residents about the challenges they faced since Westpac closed in 2022. Pilbara Inland Chamber of Commerce and Industry's Sylvia Winkler said she supported the inquiry's recommendations.
Banking Bank Closures In Regional Australia Senate Committee Senate Inquiry Final Report Banking Industry Self-Regulation Public Bank Regional Community Banking Branch Program
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