Calls for Increased Regulation of Banks in Rural Areas Struggling to Thrive
A report from a long-standing inquiry has concluded that a banking regulator should possess the authority to veto branch closures. Without this power, rural communities will continue to suffer the consequences of losing vital services.
The Senate inquiry, which focused on branch closures in rural Australia, released its final findings on May 24. The report included eight recommendations aimed at safeguarding the future of regional banking.
Over the course of a year, the committee traveled across rural Australia to gather insights on the impact of country bank closures on daily life and commerce. Testimonies highlighted challenges such as needing to transport cash takings long distances or losing access to knowledgeable bank managers.
Community groups also expressed difficulties in obtaining cash for local events and activities due to branch closures, impacting the social fabric of rural life.
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