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Cash mandate

The Albanese Government has announced thatshops selling groceries and fuel will be required to accept cash for payment. This is welcome news, especially for communities and individuals who rely more heavily on cash for various reasons.

Cash is a legal form of tender and should be accepted everywhere, and this decision to guarantee cash will help support our case for bank branches across the country. As you know, that’s something the FSU has been campaigning on for years.

Bank levy

Treasury has also outlined a proposal toimpose a levy on banks that fail to meet a minimum level of service in regional areas. Specifically, this levy would bolster the number of branches and ATMs offered by other banks.

The FSU has long called for regulation in this space. We know that banks will always put profits above the people they serve and employ when left to their own devices. Nothing demonstrates that better than the continued closure of local branches, which has been a source of great anxiety for customers and FSU members alike.

The best way to support banking services in regional communities is to implement the recommendations from the Senate Inquiry into regional bank closures report – and you cantell Federal Financial Services Minister Stephen Jones to do just that.

While Minister Jones has been sitting on his hands regarding the report’s recommendations, any step by the government towards protecting regional banking services is a good thing.

And with the big four banks tipped to make $30 billion in profit this year alone, there is no excuse for banks leaving our rural communities and vulnerable people behind.

We’ll be watching closely for further updates on the government’s plans and continue advocating for banks to provide the essential services our communities need.