The Senate published their Report into Regional Bank Branch Closures late last Friday.
I will be discussing this on my live YouTube show on Tuesday with Robbie Barwick. https://youtube.com/live/NJnaqhARu90
But already, the award winning Journalist Dale Webster over at the Regional has written an excellent article:
https://www.theregional.com.au/post/banks-blow-their-chance-to-self-regulate-by-betraying-trust
Over the 13 hearings held across Australia and in more than 600 written submissions the only defence of the banks’ actions came from the banks themselves, but when their executives appeared to give evidence, all they managed to do was convince the senators of just how out of touch they were with their customer heartland.
This arrogance was perfectly summed up by expert witness Andy Schmulow, Associate Professor of Law from the University of Wollongong.
“When it comes to closing branches, Australia is a free for all in which banks are entirely unconstrained: there is no degree to which they are held to account in discharging their obligations to communities which have supported them for generations. This, it is respectfully submitted, is disgraceful and indefensible,” Dr Schmulow said.
The senators agreed. On Friday they handed down an historic report with eight bold recommendations.
But now lets see the actions to protect regional communities and access to cash. I want to see real action now, not just political games, so I will be watching closely.
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
