Banks commit to protecting regional services

The government has secured new commitments from major banks to maintain essential banking services in regional Australia, following a significant decline in branch numbers in recent years. Since 2017, 36 per cent of regional bank branches have closed, raising concerns about access to financial services in rural communities.

Key measures announced include:

• A two-and-a-half-year moratorium on branch closures: NAB has introduced a new moratorium, while CBA and Westpac have extended their existing commitments. ANZ and Suncorp are also subject to conditions preventing regional branch closures before 31 July 2027.

• New Bank@Post agreements: CBA, NAB, and Westpac have reached in-principle agreements with Australia Post, and ANZ has agreed on key terms to join the service. These agreements aim to secure the future of Bank@Post and improve access to in-person banking services in rural areas.