A Nationals-led Senate inquiry into bank branch closures has urged the government to investigate the establishment of a bank owned by taxpayers.
A Nationals-led Senate inquiry into bank branch closures has urged the government to raise taxes on big banks and use the funds to support “community” bank branches, while also calling for an investigation into the formation of a new taxpayer-owned bank.has accelerated since the COVID-19 pandemic, sparking a backlash from regional communities, and political scrutiny through a long-running Senate inquiry.
The report said more than 2100 branches had closed between 2017 and 2023, citing Australian Prudential and Regulation Authority data – a trend banks blame on the shift to digital banking. It pointed to the taxpayer-owned KiwiBank in New Zealand, and suggested a public bank could increase competition for existing players.Senator Canavan said: “Our committee’s recommendations go further than many previous reports on banking closures but there is clearly a need for a different approach.
Australian Banking Association chief executive Anna Bligh sought to highlight the shift to digital banking, while also warning that establishing a new government-owned bank could threaten smaller banks that serve customers in regional areas.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘We’re really torn’: New Caledonia turmoil forces French nationals to sail to safety in AustraliaXavier Decramer and his family made a home in Nouméa but the eruption of violence has prompted them to leave ‘with a heavy heart’
Read more »
Nationals’ nuclear climate policy puts Australia’s Paris deal in doubtNationals leader David Littleproud has conceded turning to nuclear power would mean Australia misses its 2030 emissions reduction target.
Read more »
Nationals’ nuclear climate policy puts Australia’s Paris deal in doubtNationals leader David Littleproud has conceded turning to nuclear power would mean Australia misses its 2030 emissions reduction target.
Read more »
Nationals’ nuclear climate policy puts Australia’s Paris deal in doubtNationals leader David Littleproud has conceded turning to nuclear power would mean Australia misses its 2030 emissions reduction target.
Read more »
Albanese urges Senate to pass Future Made in Australia ‘on its own merits’Prime Minister Anthony Albanese has called on the Senate to consider the government's Future Made in Australia policy 'on its own merits,' as he sought to pressure the Greens into supporting the ambitious renewables investment plan.
Read more »
Australia should pass bill to ban non-prescription vapes, Senate committee findsRecommendation comes after two days of hearings and nearly 300 submissions from health, education, pharmaceutical and other sectors
Read more »