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The Finance Sector Union (FSU) has called on the Federal Government to extend the existing moratorium on regional branch closures to 2030 across all banks, not just the big four, as well as to metro branches.  

Recently, the Federal Government quietly tabled its response to the Senate Rural and Regional Affairs and Transport Committee report, Bank closures in regional Australia: protecting the future of regional banking. 

The Federal Government gave in-principle support to only two of the eight recommendations. 

Crucially, the Federal Government did not commit to extending a moratorium on the closure of regional bank branches beyond July 2027.  

The FSU said the Federal Government has missed an opportunity to secure the future of retail banking and protect the jobs of workers in regional and remote Australia.  

The FSU believes that uncertainty over the future of smaller branches is causing concern among workers and the communities they serve.  

The union is also concerned that the government only ‘noted’ other recommendations such as recognising access to financial services as an essential service, the development of a banking customer service code of conduct and giving the banking regulator, the Australian Prudential Regulation Authority, the power to defer branch closure requests.  

The Senate inquiry into regional banking began in 2023 and received submissions and evidence from 609 individuals and organisations, including the FSU, at 13 public hearings.  

The report was tabled to Federal Parliament in May 2024. 

The FSU’s Save Our Local Bank Branches campaign was launched to hold the finance sector to account and honour its obligations to Australians who live outside the big cities.  

Through the campaign, the FSU has launched a petition for members and the community to call on the government to extend the bank closure moratorium to 2030 for regional and metro branches across all banks, not just the big four. 

Quotes from Finance Sector Union National President Wendy Streets: 

“Bank branches aren’t just a nice thing to have – they are essential,” Ms Streets said.  

“The Federal Government’s response to the report is disappointing and will do nothing to allay the fears of regional finance workers and their communities. 

“The major banks’ purge of branches across regional and metro Australia has devastated communities.  

“Closures result in the loss of residents and businesses and makes life harder for those who stay.   

“It’s critical that our government holds employers accountable for providing essential banking services.  

“Banks must provide workers with guaranteed job security, and time to retrain, be redeployed, and transition into new roles. 

“I’m urging the Federal Government to take genuine action and extend the bank closure moratorium to 2030 for regional and metro branches across all banks, not just the big four.”’ 

Media contact – Sam Burgess 0434 165 630 or [email protected]