A Regional Banking Taskforce has been established by the Morrison 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.
Minister for Regionalisation Bridget McKenzie said the taskforce will provide a platform to establish how the transformation within the banking industry, particularly branch closures, has affected those living in the regions.
“Having access to bank branches is vital for every community, particularly for residents who are unable to use online services to conduct their banking.
“As we have heard, bank branch closures in the regions also affect the liveability of towns, and so I am pleased to announce this taskforce will be looking at how we can keep banking services in rural Australia,” Minister McKenzie said.
Assistant Treasurer Michael Sukkar welcomed the formation of the Taskforce to evaluate the impact of bank branch closures in regional Australia.
“The Regional Banking Taskforce will enable the Government to work closely with the banks and local communities to assess how these services can best be delivered in our regions,” Minister Sukkar said.
Senator for NSW Perin Davey said that the establishment of the Taskforce represented a significant milestone, as it brought the opportunity not only to enquire into issues, but also to bring together stakeholders to find solutions.
“A taskforce is an important step forward because it will allow us to draw on the knowledge of the banks and businesses to find workable solutions to this issue.
“Banks and financial service providers have communicated to me a desire to find ways to service regional communities, and I look forward to exploring those constructive avenues through this taskforce,” she said.
The Co-Chairs of the Taskforce are:
- Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing the Hon. Michael Sukkar (as Co-Chair) reporting to the Treasurer and
- Senator Davey (as Co-Chair) reporting to the Minister for Emergency Management and National Recovery and Resilience and Minister for Regionalisation, Regional Communications and Regional Education, Senator the Hon. Bridget McKenzie
Members include senior representatives from:
- Banks – ANZ; Commonwealth Bank of Australia; National Australia Bank; Westpac; Bendigo and Adelaide Bank; Bank of Queensland;
- Peak bodies – the Australian Banking Association, the Customer Owned Banking Association; the Council of Small Business Organisations Australia; the Australian Chamber of Commerce and Industry;
- Australia Post; and
- The Australian Local Government Association.
The Taskforce will hold its first meeting in early November and will release an issues paper for public consultation.
The Regional Banking Taskforce and the Government’s support for rural and regional communities is part of our economic plan to support the recovery and keep Australians together.