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  • Writer's pictureHannah Phillips

Regional banking getting tougher with branch closures

An inquiry into bank closures established by the coalition government has shed light on the sector and regional banks in Australia.

Nearly 350 submissions were put forward to the inquiry with regional stakeholders concerned over the impacts of bank closures to the local community.

Banking around regional Australia is getting tougher with 92 branches from the big 4 banks closing their doors. In good news for the southeast of South Australia the Kingston bank has returned.

Federal Member for Barker Tony Pasin said it's a “great outcome, because the Coalition established a banking inquiry, that shone the light in some dark places. Banking executives are very quick-winged to drape themselves in the waddle and the imagery of country Australia.”

On closing banks in regional Australia Mr Pasin said it was “unconscionable when they're enjoying unprecedented billion dollar profits.”

“The pressure that's been put on via that commission of inquiry has caused banks to have a rethink. It's great that that's saved the BankSA branch at Kingston.”

“There is more work to do and I'm hoping that banking executives across Australia recalibrate what it means to enjoy the exalted position in our business sector that they do enjoy. Protected as they are by government guarantees, protected from international competition and repay that equity that's provided to them by the Australian taxpayer by ensuring they meet basic service standards across regional Australia,” he said.


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