A Regional Banking Taskforce has been established by the Morrison 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.

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.

Member for Barker Tony Pasin said having access to bank branches is vital for every community, particularly for residents who are unable to use online services to conduct their banking.

“Bank branch closures affect the liveability of regional towns.” Mr Pasin said.

“I for one think the Bank Executives need to think long and hard about their commitment to rural, regional and remote Australians.” Mr Pasin said.

“We are in the middle of a pandemic and yet they continue to undermine rural communities by removing services. I could understand these actions if banks were operating unprofitably but in a period of unprecedented profitability for the Australian banking sector to withdraw services from Regional Australia is not only wrong, it’s unacceptable.” Mr Pasin said.

“I am pleased our Government has established this Taskforce which will be looking at the impact of bank branch closures and what can be done to keep banking services in rural towns.” Mr Pasin said.

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.

The Taskforce will hold its first meeting in early November and will release an issues paper for public consultation.

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.