The government has secured commitments with the major banks to keep banking services open in regional areas.
This is in response to the closure of 36 per cent of bank branches in regional Australia since 2017.
While more people are using digital banking and payment methods, face-to-face services are still essential, especially for people and small businesses in regional areas, where digital alternatives may not always be accessible or meet their needs.
The deal includes a suspension on branch closures for two and a half years, with NAB committed to a new suspension on regional branch closures, with Commonwealth Bank of Australia and Westpac extending their existing suspensions.
This also builds on the conditions the government already imposed on ANZ and Suncorp to guarantee no more regional bank closures before July 31, 2027.
The deal also secured new Bank@Post agreements, in which customers can access their banking services at Australia Post post offices.
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.
Macquarie and HSBC have also agreed to start negations with Australia Post on the service.
These deals will provide greater certainty and choice to banking customers, especially in rural and regional areas.
The government has said it will continue to work with regulators, industry and communities to ensure Australians in regional areas have access to fit-for-purpose and sustainable banking services in the long term.
35°C