The Albanese Government has secured commitments from the banks to ensure banking services remain available in the regions.
Banks have a responsibility to regional communities and we’re holding them to it.
We are making sure bank branches stay open in the bush.
Since 2017, 36 per cent of bank branches in regional Australia have closed and we are taking action to arrest this decline in regional banking services.
The Albanese Government governs for the whole country and we take our responsibilities to the regions seriously.
We are standing up for regional Australians, helping to secure the banking services they need and deserve.
More than banking, this is about keeping regional communities, that contribute so much to our national economy, connected and thriving.
People are increasingly using digital banking and payment methods, but face‑to‑face services remain essential, particularly for people and small businesses in regional areas, where digital alternatives may not always be accessible or meet their needs.
The package of commitments from the banks includes:
- A moratorium on branch closures for two and half years: NAB has committed to a new moratorium on regional branch closures, with CBA and Westpac extending their existing moratoriums. These commitments build on the conditions imposed by the Government on ANZ and Suncorp and ensure no regional branch closures by these banks before 31 July 2027; and
- New Bank@Post agreements: The Government has asked the banking sector to increase its commitment to and investment in regional banking.
Following discussions with the Government and Australia Post, CBA, NAB and Westpac have all reached new in‑principle Bank@Post agreements, and ANZ has agreed key terms on which it will join the service.
These new agreements will shore up the financial outlook for Bank@Post and provide greater certainty and choice to banking customers, particularly in rural and regional areas.
The Government also welcomes the decision by Macquarie and HSBC to start negotiations with Australia Post on Bank@Post services.
The Government’s work and consultation on longer‑term options including other steps flagged at the end of last year will continue in the meantime.
The Government will continue to work with regulators, industry and communities to ensure our regions have access to fit‑for purpose and sustainable banking services over the long term.
This includes a focus on sustainable cash distribution and ensuring Australians can use cash to pay for essentials if they want or need to.
The Albanese Government will continue to stand up for the regions as part of building Australia’s future.
