South-west MP concerned about closure of bank branches

He is concerned about the closure of a number of branches in south-west towns in recent years.

The Standard is aware of at least 11 branch closures in towns including Camperdown, Terang, Portland, Casterton, Port Fairy, Koroit and Warrnambool.

The latest branch to go will be the Camperdown ANZ branch in April this year.

Mr Tehan has called on banks to stop closing branches ahead of the senate inquiry into the growing trend.

He has also urged south-west residents to have their say on the closures.

"Banking is not just the sinew of commerce in regional communities but provides an essential service to those most vulnerable in the community," Mr Tehan said.

"The closure of branches in Camperdown, Colac, Casterton and Portland, to name a few in recent years, has put undue strain on businesses.

"We are seeing businesses in small communities being forced to close during the week just so they can drive to a town with a bank."

"When the average age of a farmer is 58, it is simply unreasonable for affected customers to be told to try online banking.

"While closures are typically a commercial decision, as a general principle, banks should look at the services they provide to country towns as part of their social licence and take into account loyalty shown by customers over many decades."

Chair of the committee, Senator Matthew Canavan, is calling on the major banks to acknowledge the seriousness of the issue to regional Australians having a self-imposed moratorium on further bank closures in communities for the duration of the inquiry.

"Access to a bank can be a life or death factor for many businesses," Mr Canavan said.

"I do not have confidence that our banks are properly considering these severe impacts before they have announced closures."

IN OTHER NEWS

Our journalists work hard to provide local, up-to-date news to the community. This is how you can access our trusted content: