Thursday, 18 May 2023

Regional bank branches

Gaelle BROAD (Northern Victoria) (16:10): (244) My question is to the Minister for Regional Development. Across Northern Victoria bank branches and agencies are closing, and I call on the minister to provide support to regional towns to ensure that local banking services remain. This month the ANZ branch in Myrtleford closes. The Cobram branch closed yesterday, and the Robinvale branch will close tomorrow. The National Australia Bank is closing in Alexandra, and they continue to reduce operating hours in many regional towns. The Commonwealth Bank has already closed branches, and Bendigo Bank plans to shut 16 regional agencies, including Golden Square, Cohuna and Pyramid Hill. Data released last year shows 575 Australian towns that once had at least one of the big four banks now have no form of bank at all. Many would say this is a federal issue, but bank services are a local issue.

My concern is for the residents across Northern Victoria who rely on visiting a local branch. Banks are trying to force customers to do their banking online, and many regional Victorians are being left behind. Some older Victorians are not digitally savvy, and they are wary of online banking and hacking and find it difficult to travel long distances for banking. People with disabilities rely on the support of local bank staff. In a world full of scams it is not easy to know who to trust. For many, English is not their first language and they rely on local bank staff. In Cobram nearly 20 per cent of households are non-English-speaking families. I spoke with local mayors and neighbourhood house coordinators, and when banks close their doors they are left to pick up the pieces. Local businesses rely on banks, and carrying large amounts of cash is putting them at risk. I was speaking to a business in Golden Square, and if the local agency closes they will need to go to a different branch and wait for up to 40 minutes in already long queues.

The move to digital banking also fails to recognise that in many regional areas people are living with poor mobile coverage and internet connection. Bank closures have a significant impact on regional towns and communities. As people are forced to go out of town to do their banking they will take their shopping with them. When branches close local staff lose their jobs. A Senate inquiry into regional bank closures is underway. Banks cite a lack of foot traffic in the front door, but at a public hearing yesterday my Nationals colleague Matt Canavan pointed out that ambulances do not get much traffic in the door either but we do not shut the door and stop the service. I acknowledge my colleagues Jade Benham and Anne Webster, who fought hard and as a result Westpac decided to keep their branch open in Robinvale. I hope other banks will follow suit and reconsider closing regional branches. The big four banks just released their half-yearly results: over $16 billion profit. We need to maintain access to banking services in regional Victoria. Our local communities depend on it.