Australian Government Secures Commitments to Maintain Regional Banking Services

The Australian Government has successfully secured commitments from major banks to ensure that banking services remain available in regional areas. This initiative aims to address the decline in regional banking services, with 36% of bank branches in regional Australia having closed since 2017

  • Moratorium on Branch Closures: NAB has committed to a new moratorium on regional branch closures, with CBA and Westpac extending their existing moratoriums. These commitments ensure no regional branch closures by these banks before 31 July 2027.

  • New Bank@Post Agreements: CBA, NAB, and Westpac have reached new in-principle agreements with Australia Post, and ANZ has agreed on key terms to join the service. These agreements will enhance the financial outlook for Bank@Post and provide greater certainty and choice for banking customers in rural and regional areas.

The Government is also working on longer-term options to ensure sustainable banking services, including a focus on cash distribution and accessibility.

Minister for Local Government, Kristy McBain MP, emphasized the importance of these measures in keeping regional communities connected and thriving.

Amanda Cappello