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All 14 branches will close by the end of February, in addition to the two that had already been announced.

While it’s reassuring that most employees will either be relocated or have chosen to accept redundancies, these closures will nevertheless have devastating consequences for the local communities they serve.

Three suburbs will soon be without a physical branch of any bank, making it incredibly difficult for customers who legitimately rely on physical banks to manage their finances.

What’s more, those employees being relocated will lose their connections to local customers – a sad result for customers and the bank alike.

On Friday,we wrote to Federal Treasurer Jim Chalmers, calling on the government to step up and intervene. Two of the branches set to close are within his local community, with one located in the same shopping complex as his electorate office.

It has been eight months since Assistant Treasurer Stephen Jones received a Senate Inquiry Report into rural banking. He has stayed silent and done nothing to indicate that protecting Australians’ access to banking is a priority.

Banks are only able to slash branches and ATMs at will due to the lack of any regulations.

BOQ’s recent announcement, while reprehensible, is sadly not surprising. CEO Patrick Allaway has been on a cost-cutting frenzy for over 12 months, having announced 400 staff cuts in September 2024, in addition to 220 cuts in October 2023.

There must be minimum standards that ensure all Australians, no matter where we live, can access basic banking services. Until these standards are introduced, banks will continue cutting services on a whim, with no regard for the impact on local communities.

Remember, if you require any advice or assistance during this difficult time – including if you believe you have not received your proper entitlements – please contact our Member Rights Centre on 1300 366 378 or email[email protected].