The future of regional banking has been secured for now, with the remaining Riverland & Mallee branches to stay open.
The nation’s four major banks (CBA,ANZ,NAB & Westpac) have agreed not to close further regional branches for next two years.
This week Federal Treasurer, Jim Chalmers announced they had secured commitments from the banks to not close further branches to at least 2027.
Further to this, the Government has tasked the banks to provide further investment & commitments to Australia Post for their Bank@Post service.
Since 2017 some 36% of regional bank branches have closed, including the Commonwealth’s Renmark Branch, together with ANZ’s Loxton outlet.
While the news is reassuring for some, the news is a little late for Barmera, which lost its last bank branch in 2016.
