In a truly despicable move, the Bank of Queensland has used the cover of summer to announce the closure of a whopping 14 formerly owner managed branches, across Queensland, WA, NSW and Victoria.
This comes barely a week after they sneakily announced the closure of the Logan Central branch in Queensland. Alongside the previously announced closure of the Werribee, Victoria Branch, there will be 16 Bank of Queensland Branches closing across February 2025 with a net loss of 18 roles.
These closures will leave three suburbs without a physical branch of any bank from 27 February 2025 (Applecross, WA, Hampton, Vic, and Bella Vista, NSW). This announcement will also result in the closure of two branches in Treasurer Jim Chalmers Federal Electorate of Rankin (Springwood and Logan Central) and one in the Prime Minister’s Federal Electorate of Grayndler (Newtown).
Finance Sector Union National Assistant Secretary Jason Hall said:
“Australians rely on local bank branches and no amount of corporate spin from banks can deny that fact. Removing branches from local communities is a shameful act of betrayal by big businesses who care about their profit more than they care about delivering the local services banks used to be proud to provide to their customers.
“There are 60 hard working staff in those 14 branches of which only 42 will remain employed but will lose their connections to local customers and communities by being relocated to other branches/ roles within Bank of Queensland. Four hard working staff in the Logan Central Branch are also being re-located to other branches.
“The greedy actions of the Bank of Queensland are reprehensible, but sadly not surprising. CEO Patrick Allaway has been on a cost cutting frenzy for more than 12 months, buying back franchised branches – which we always said was a precursor to more branch closures – and announcing staff cuts of 400 in September 2024, on top of 220 staff cuts in October 2023.
“Bank of Queensland customers are right to feel betrayed by these closures, and Finance Sector Union members stand with them in disgust at the actions of this greedy corporation. We shouldn’t need to see more branches, ATMs and staff jobs slashed before the Federal Government acts.
“Banks are only able to slash branches and ATMs at will due to the lack of any regulations. It has been 8 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.
“That is why we wrote to Treasurer Jim Chalmers on Friday calling on him to take action. He must say that enough is enough. Banks should no longer have free rein to deny banking services to rural, regional and suburban customers. Given their failure to do so themselves, banks should face regulations to force them to keep branches and ATMs open. The Treasurer should immediately commit to implementing all of the recommendations of the Senate inquiry, the first of which is to ‘commit to guaranteeing reasonable access to cash and financial services for all Australians’.
“The Finance Sector Union believes there needs to be minimum standards introduced to ensure that all Australians have access to choice in basic banking services. The removal of branches and ATMs are designed to boost profits while reducing services. The absence of minimum standards allows banks to cut services on a whim with no regard to local needs or preferences.”
Branches to be closed by Bank of Queensland
(this list includes the 14 announced today plus two previously announced by the Bank)
9 Branches have already been closed by Bank of Queensland (since 2023)
Media contact: David Imber – 0413 274 204
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