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That’s two and a half years longer than the existing moratorium, which all four major banks have signed up to (set to expire mid 2027).

And in another move that finally acknowledges the very real need for banks to have a physical presence in regional communities, Westpac will also launch a new Community Service pilot. The program will bring face-to-face banking to regional towns in which there are no major bank branches.

These announcements follow our union’s previous success in preventing Westpac from closing other regional branches in 2023, as well as forcing the bank to extend its moratorium on regional branch closures until at least 2027. And in April this year, Westpac announced it would open three new regional branches.

“Personal connection matters, and we understand the value of sitting down across the table with someone who knows your business, your family and your goals.” – Westpac CEO Anthony Miller

While we welcome these commitments, too many jobs have been lost up to this point, and too many regional communities have suffered.

We are writing to all banks calling on them to follow Westpac’s lead.

The Federal Government also needs to step up. We have long called on the government to deliver the recommendations of the report from the Senate Inquiry into Bank Closures, which calls for banking to be declared an essential service and for a mandatory industry code to be developed.

When one of the big four banks bucks the trend and decides to keep regional branches open longer than legally required, you know the need for regional banking and more face-to-face services must be necessary.

The banks are slowly realising this. Now the government must act to get them there.