We cover an important article by Dale Webster about the shocking reduction in bank branches in regional and rural areas across Australia. This is going to be a significant election issue, with a new Government report due in about a months time.
Regional Australia has lost close to two thirds of its bank branches since the network was at its peak in the 1970s, according to lists published by the banks that have become the ‘big four’ in 1975.
Numbers have gone from 2802 banks in 1126 regional locations to just 1075 in 387 regional towns, cities and coastal communities in just over 45 years.
That is a loss of 1727 bank branches, or a cut of 62 per cent.
ANZ now has the smallest regional bank network in Australia with just 194 of its original 615 branches outside metropolitan cities still open, a cut of 68.5 per cent.
Westpac has the second smallest regional footprint after slashing 70 per cent of non-metropolitan branches, leaving it with 231 from its original 777.
National Australia Bank has 315 regional branches still open but has closed 445, or 58.5 per cent of its original regional network of 760.
Commonwealth Bank is the only one of the ‘big four’ that still has more regional branches open than it has closed, with 335 of its original 650 remaining open, a 48.5 per cent reduction.
https://www.theregional.com.au/
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