Safe: Westpac has made an important announcement regarding its regional branches. Photos: AAP/Joel Carrett
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AAP Image/Joel Carrett
Westpac is extending its moratorium on regional branch closures until at least 2027 while it strengthens regional banking services.
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This announcement comes just before the Australian Senate releases its recommendations on May 16 from its inquiry into bank closures in regional Australia.
The inquiry, chaired by Senator Matt Canavan, was a comprehensive parliamentary examination of bank behaviour, receiving more than 500 submissions, lasting 16 months, and holding 13 hearings.
Australian Citizens Party research director Robert Barwick said Westpac’s announcement demonstrated the importance of Federal Parliament closely scrutinising the major banks.
“Thanks to this inquiry, the banks have been squirming for 16 months, so we’ve finally seen some responsible decisions from some of them”, Mr Barwick said.
“If it wasn’t so serious it would be funny — the inquiry found Westpac did zero consultation before closing branches, so it took a government-funded inquiry for Westpac to hear what they should already have known.
The big four: Australian Citizens Party research director Robert Barwick thinks it’s important for the government to keep watch over the four major banks.
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“Under their sham ‘self-regulation’, the banks aren’t used to this kind of intense scrutiny, which is a lesson for Parliament — they need more of it.
“And now they are extra nervous, waiting for Senator Canavan’s final report on the 16th, so Westpac has tried to pre-empt it with this announcement.”
Westpac’s consumer chief executive Jason Yetton said the company wants to support regional banks.
“Westpac has been in Australia for over 207 years. We know regional communities play a critical role in Australia’s economy, and we want to make sure we are there to support them,” he said.
“We’ve heard the feedback from customers about the impact of branch closures in the bush and understand they face many challenges, such as limited internet connectivity and increased travel times to their nearest branch.”
Westpac said its partnership with Australia Post is critical to regional Australia and its service network.
With 96 per cent of Westpac customers living within 20km of a Bank@Post, this partnership provides cash services to 1800 communities in rural and regional areas.
“We’re investing more than $200 million over 10 years in our partnership with Australia Post. This allows customers to perform the majority of cash and cheque transactions at a Bank@Post,” Mr Yetton said.
As part of the announcement, Westpac said it will continue to educate customers on the benefits of its 24x7 digital banking solutions, helping to address the barriers to digital inclusion in regional Australia while also expanding its virtual service offering.
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