The Commonwealth Bank has agreed to pause the closure of all regional branches in 2023 while a Senate Committee conducts an inquiry into the impact the closure of financial institutions and the effects it is having on regional communities.
Junee Shire Council led a community campaign against the CBA’s earlier decision, in 2022 where the CBA announced the closure of the town’s last bank.
The closure would have meant residents faced an hour-plus round trip to Wagga to make big transactions or access loan services.
Businesses such as the famous Licorice and Chocolate factory would have had to make daily trips due to the limit imposed at the Post Office, which was set to become a version of a bank for the town.
Media attention grew and grew and culminated in the town’s residents rallying in font of the bank last week.
The Junee Independent first picked up the story and continued with it, before larger outlets and then the Today Show shone a light on the cause.
The National Nine news appearance on Sunday night proved pivotal and perfect timing for the commencement of the Inquiry into banking in Canberra today.
Junee’s Chief Financial Officer Luke Taberner says that the result is monumental not only for the town of Junee but for regional towns around Australia.
The CBA did not contact the Council first. They sent local politicians Steph Cooke and Michael McCormack the following information. It stated, “Following consideration of a request from the Senate Committee, CBA will not close any regional branches while the Inquiry is underway in 2023.
As an additional sign of good faith, while the Inquiry is underway in 2023, CBA will postpone the closure of two branches already announced. We continue to welcome constructive engagement with government, industry and communities – an approach demonstrated by our recent work with all members of the Regional Banking Taskforce.
CBA looks forward to assisting the Inquiry and continuing to engage with our customers and communities, as we collectively respond to the digitisation of the economy and banking services.
Junee Mayor Neil Smith said the following on the matter.
“One local resident, Maisie Robinson, was in attendance with her original Junee, Commonwealth Bank passbook. The first entry was made when she deposited money in 1943 at the tender age of 9 years,” The Mayor said.
“It’s a terrific result for all of Australia. I really would like to thank our Federal Member, Michael McCormack, our General Manager, James Davis, and our dedicated staff, for their efforts that have got us this far. I would also like to acknowledge and thank the people of Junee & Junee Shire for coming out in force to show how they feel.
Mayor Smith went on to caution that it was a reprieve rather than a wholesale win at this stage.
“This reprieve is pending a Senate Inquiry.” he said.
“We must keep the pressure on and above all, raise our voices to the inquiry. We need to be very clear to the government about the negative effect that bank closures have on some of the most disadvantaged in our community, as well as businesses, charities and service clubs. This is as much about banks having a moral and social obligation in our communities.
The cancer of closures has to stop. In fact, the trend needs to be reversed. Banks should be re-opening, not closing”
In finishing, Mayor Smith posed the question “I wonder if the other Big Four banks around the country will have the courage and good sense to pause in their actions to close branches, pending the inquiry?”
More to come
Photo: Straun Timms