Taskforce established to investigate bank branch closures across Cowper electorate

The announcement comes after the Australian Prudential Regulation Authority's (Apra) annual listing of banking services revealed that more than 100 regional and rural banking branches had closed in 2021.

The Taskforce will bring together banks and other key stakeholders for several regional round tables to assess how bank branch closures have impacted local businesses, industries and communities and then identify possible solutions.

The first meeting will be in early November, and afterwards, they will release an issues paper for public consultation.

There has been a wave of bank closures across Cowper in the last few years.

Residents in Kempsey and Nambucca Heads have recently felt the loss of their ANZ branches after the locations were permanently closed.

At the time, ANZ General Manager for New South Wales, Michael Wake, said ANZ's branch closures were due to customers moving away from in-person transactions.

"One of the biggest changes we have seen in recent years is the number of people who have moved to online options to do everything from watching films and grocery shopping to managing their Medicare and banking," he told the Argus.

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"In the last year alone, 70 per cent of our customers preferred digital banking options, and our few remaining passbook-only customers have been choosing to use debit cards for the first time.

"There has been a longer-term trend that has seen our in-branch transactions drop on average about 50 per cent over the past four years. Customers are not using branches like they used to."

Almost 300 bank branches have closed since the beginning of COVID-19, with regional Australia losing an exceptionally high number of branches.

Minister for Regionalisation Bridget McKenzie hopes the Regional Banking 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," she said.

"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."

Pat Conaghan, Federal Member for Cowper, said changes to banking had noticeable effects throughout the regions, particularly across the Mid North Coast.

"Residents right across my electorate are all too familiar with the on-the-ground impacts of dwindling banking services over recent years, so the establishment of this Taskforce is a welcome development indeed," he said.

"The Taskforce will not only look at the impacts of branch closures but also look at what solutions may be available for the residents of Cowper."

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