RESEARCH has found that nearly a third of bank branches in the NSW state electorate of Murray have closed in the past five years prompting calls for action.
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The study conducted by independent firm The Regional, showed that since 1975, towns which had at least one branch owned by the big four banks had shrunk from 375 to 128, with the state's Riverina region among the worst hit.
Despite the rapid closure of branches in the electorate during the past five years, the recent closure of Tocumwal's Bendigo Bank outlet, has proven to be the last straw for Independent MP Helen Dalton who is calling for the issue to be addressed during the upcoming federal election.
"There is no doubt in my mind that this should be an election issue," Mrs Dalton said.
"Some 28 per cent of banks in my rural electorate have closed in the last five years, according to research I commissioned from the NSW Parliamentary library, and to me that is simply not good enough.
"All candidate standing in rural federal seats need to be asked what they'll do to stop bank closures."
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Mrs Dalton said the recent closure of the Bendigo Bank site, which operated out of a local real estate agency, had left the town with only one bank branch and had forced locals to cross the Victorian border to do their banking.
"This sort of thing has not only a devastating impact on locals who now have to travel to do their banking, but also on other local businesses because people will be more inclined to do their shopping in the same town they do their banking," she said.
"There are now 573 towns in Australian with no bank at all - if the government does not intervene, many of these towns will slowly die."
Tocumwal resident Gail Horan is among the locals having to cross the border for her banking needs and said "the stress this puts on particularly elderly people is just so unfair and I think something desperately needs to be done."
"Not everyone uses internet banking and for those who don't it creates major headaches," Mrs Horan said.
"Travel is a huge issue and while crossing the border hasn't been too big of an issue lately, no one knows what the future might bring in terms of the pandemic.
"I just don't think it's right for any of this big banks to close their branches in regional areas without much notice and I would like to see the government do something about it to help keep them open."
The Land contacted Bendigo Bank for comment.
The photo caption in the print edition of this story incorrectly said Colleambally's Bendigo Bank branch had closed, when in fact the branch is open. The Land apologises for any confusion.
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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.
