The Regional Banking Taskforce was established in 2021 to analyse the trends in bank branch closures in regional and remote Australia and assess the impacts of these branch closures on individuals, businesses, community organisations and regional industries (including business and land values) and determine accessibility issues and wider impacts on communities from these branch closures for banking facilities, services and products.

The Taskforce has delivered its final report which makes 7 recommendations

• Recommendation 1 – The ABA should review and strengthen its Branch Closure Protocol and introduce an ABA Customer Care Standard, to improve communication and support when regional branches close or their hours are being permanently and materially reduced.
• Recommendation 2 – Banks should establish a process for conducting and publishing regional branch closure impact assessments. Assessments should provide clear reasons for the closure and the engagement that will occur with customers, local government and other stakeholders following the announcement of the closure.
• Recommendation 3 – Promote and support Australia Post’s Bank@Post services.
• Recommendation 4 – Australia Post should consider how the cash float and deposit needs of small businesses and community group customers can be met. The major banks should commit to continue to provide (and expand where possible given competition restrictions) access to fee-free ATMs in remote Indigenous areas.
• Recommendation 5 – Banks should provide additional support for those experiencing vulnerability, including targeting transitional support when a branch closes and helping customers onto fee-free banking accounts. This includes engaging with First Nation communities on their banking needs in regional Australia, promoting services and reviewing the effectiveness of dedicated resources.
• Recommendation 6 – The Australian Government to invest in telecommunication services, which will provide significant improvement in regional connectivity.
• Recommendation 7 – Review the APRA Points of Presence collection
  Australian Prudential Regulation Authority (APRA) to commence in 2022 a review of its Authorised Deposit-taking Institutions (ADI) Points of Presence collection to better capture indicators on how banking services are accessed.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.