A REVIEW into the recent closures of regional banks has begun its public consultation.
The federal government's Regional Banking Taskforce is calling for the public to have its say on topics raised in its issues paper including what impacts the closure of banks is having on rural citizens.
Other key issues flagged by the taskforce include alternatives to bank branch models that would maintain or improve banking services and accessibility in areas where branches have been closed, what banks could do to help customers transition to alternative banking services as well as exploring what banking facilities, services and products are used in regional bank branches.
The call for the public's view comes after the taskforce's first meeting on November 9 and will help drive the agenda at its December and January meetings.
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Consultation on the review's issues paper comes after the big four banks blamed COVID-19 for the permanent closure of dozens of country-town branches earlier this year, while in July the Commonwealth Bank announced it was reducing the opening hours of 90 regional branches.
Last month, Senator Davey said the inquiry would bring together stakeholders to find solutions.
"A taskforce is an important step forward because it will allow us to draw on the knowledge of the banks and businesses to find workable solutions to this issue," she said.
"Banks and financial service providers have communicated to me a desire to find ways to service regional communities, and I look forward to exploring those constructive avenues through this taskforce."
Submissions can be made via email at regionalbanking@treasury.gov.
Public submission close on December 18 and will be discussed during the taskforce's meetings in early 2022.
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Billy Jupp
Billy is a Senior Livestock Journalist for the Queensland Country Life based in Toowoomba. He has worked for a variety of different ACM mastheads during the past five years including the Namoi Valley Independent, Northern Daily Leader and The Land.
Billy is a Senior Livestock Journalist for the Queensland Country Life based in Toowoomba. He has worked for a variety of different ACM mastheads during the past five years including the Namoi Valley Independent, Northern Daily Leader and The Land.
