Michael McCormack MP pictured with Senator the Hon Matthew Canavan (left) and Senator the Hon Richard Colbeck (right), who both served on the Senate inquiry into Bank Closures in Regional Australia, and heard evidence from the Junee hearing.
A major deal between the Government and banks has been reached to help retain adequate banking services in regional Australia.
Member for Riverina Michael McCormack MP has welcomed the news which has followed his and the community’s advocacy to keep local bank branches open.
“Concerningly, across regional Australia, around 1,150 post offices are providing the only banking services in regional and rural towns, following the closure of nearly 850 bank branches since June 2017,” Mr McCormack said.
“I am pleased to see our advocacy has informed Government policy for the benefit of regional Australians.
“As part of the deal, Commonwealth Bank, Westpac, National Australia Bank and ANZ have agreed to not close any more rural or regional branches until mid-2027.
“Bank@Post services will also be improved across the Australia Post network, with ANZ agreeing to join the service, Macquarie Bank in negotiations to join and HSCB intended to start talks.
“Existing banks using the service have agreed to revise existing contracts to improve the sustainability of the scheme.
“This outcome is beneficial to both communities which still retain bank branches, as well as those at which Australia Post offers their only banking service.
“This is an issue that is above politics — regional and rural communities simply need and deserve access to banking services, otherwise they won’t be able to continue to prosper.
“I commit to continue to advocate for a long-term outcome that provides the surety we need.”