Taskforce to examine impacts of regional bank branch closures

Oct 22, 2021 | Media Releases 2021, Uncategorised


A Regional Banking Taskforce has been established by the Liberal and Nationals 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,” she said.

“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

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 Perin 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

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.