A wide range of sweeping recommendations to regional banking practices has been handed down this afternoon.
The Senate Standing Committees on Rural and Regional Affairs and Transport has finally released its report into the banks’ actions in regional Australia, with chair Matt Canavan suggesting a huge overhaul to the banks’ responsibilities and obligations in rural and regional areas.
One of the main recommendations suggests having the Australian Government adopt a policy recognising access to financial services as an essential service, which would ‘guarantee reasonable access to cash and financial services for all Australians’.
Investigations into the feasibility of a Government-owned bank was also recommended, in an effort to increase accountability.
The South Australian hearing was held in Kingston SE, and heard stories of irresponsible bank closures in Mannum, Tailem Bend and Coober Pedy.
South Australia has been the most affected by bank closures per capita than any other state.
The number of banks in regional South Australia has fallen from 228 in 1975, to just 63 in September 2023; across the same time frame, 121 towns across regional SA lost their physical branches.
The full list of the recommendations can be found here.
Listen to Chris Guscott’s full interview on ARN Regional‘s Around SA with Australian Citizens Party spokesperson Robbie Barwick, who has been following the hearings:
