Media releases

FSU National President Wendy Streets said the inquiry has already heard copious amounts of evidence from finance workers and communities across the country over the past 18 months, and the time to act is now.  

“The major banks have been ruthlessly closing branches in metropolitan and regional areas, with the big four banks shutting more than 1400 branches in recent years,” Ms Streets said. 

“Hundreds and thousands of vital jobs have been lost and local communities abandoned. Banks have continued to rake in billions of dollars in profit while forcing frontline staff to push customers onto digital banking, eroding their own job security.

“Enough is enough. The evidence is irrefutable and it’s past time for Federal Financial Services Minister Stephen Jones to step in, act on the revelations from the inquiry and hold banks to account.” 

Member for Pumicestone Ali King MP said the impacts of bank branch closures on communities like Bribie Island are widespread and concerning. 

“Bribie Island is a growing community with a large retired population who don’t understand why their banks are closing or what to do to access their money or banking services,” Ms King said.  

“On Bribie Island, we have already lost ANZ, Suncorp and more recently NAB bank branches. 

“My constituents continue to ask me, ‘When does this end? How long before CBA and Westpac pack up and leave as well?’ 

“The Federal Government, in particular Minister Jones, needs to listen to the findings of this Senate Inquiry and act now to stop this mass exodus of bank branches from communities who heavily rely on these services.”  

The FSU has launched a petition seeking urgent action from Financial Services Minister Stephen Jones to save bank branches and safeguard the interests of finance workers and the community: https://fsu.org.au/SaveOurLocalBanks 

Mr Jones must protect Australia’s banking system by declaring banking an essential service, instigate an industry code and compel banks to provide a genuine rationale for closing branches.

FSU National President Wendy Streets will be available for doorstop interviews outside the inquiry tomorrow, Tuesday 16 April 2024. 

Media contact: Stephanie Lim – 0434 160 521