Media releases

FSU National Secretary Julia Angrisano said the recommendations are in line with what finance workers and communities have long been calling for.  

“The committee’s recommendations to declare banking an essential service and develop a mandatory industry code will go a long way toward protecting Australia’s banking system,” she said.  

“This means banks will have to provide a genuine rationale for closing branches before it happens and to genuinely consult with the communities they serve.  

“The recommendation for a regulator to approve or defer any closure request also means our banks will no longer be able to self-regulate on this issue, something we have seen fail repeatedly.  

“Other recommendations include measures to protect vital banking services in regional, rural and remote locations – this gives hope to our regional communities that they will no longer be abandoned and left without access to important banking services.”  

The committee has also made a recommendation to investigate the establishment of a national, publicly-owned bank. 

Ms Angrisano said this would ensure our communities’ interests are always kept at the forefront of any banking decisions. 

“After nearly a year and a half, over 600 submissions and 13 hearings across Australia, this report is a win for finance workers and regional communities, and we thank the committee for listening to us,” she said.  

“It’s now up to Federal Financial Services Minister Stephen Jones to urgently step up and take immediate action to fully implement these recommendations with regulatory oversight and processes.  

“For many regional communities and finance workers, this report has come too late and we’ve already seen hundreds of branches close and jobs devastatingly lost.  

“Implementing these recommendations now is the only way we can hold these extremely profitable banks to account, and make sure vital banking services are protected across our regional communities before it’s too late.”  

Media contact: Stephanie Lim – 0434 160 521