Featherstone said.
“It’s a betrayal of the social contract the banks have with the Australian people.”
Rural Australians Left up in the Air as Banks Shut Down
The chairman of MDH, a farming operation in Queensland’s outback, has had to use a helicopter to connect to the internet due to poor connectivity in rural areas. With the closure of banks in rural Australia, residents are facing challenges in accessing basic banking services. This has led to business owners flying cash to city branches, elderly individuals struggling with online services, and communities losing vital resources and services. Despite advancements in digital connectivity, many rural Australians are excluded from fully participating in social, economic, and civic life. The closure of banks in remote areas has raised concerns about financial inclusion and the social responsibility of banks to serve all Australians.
Schmulow lamented, “So they have deceived us, they have misled us.”
The latest inquiry’s main recommendations included giving a banking regulator the authority to approve or postpone closures.
The committee proposed that the government establish an expert panel to explore the possibility of a publicly-owned bank, potentially utilizing the Australia Post network.
In response to the report, the banking sector emphasized that the majority of transactions are conducted online.
“Given the failures of state-owned banks in the past, Australians should be cautious of proposals for a new government-owned bank funded by taxpayers,” stated Australian Banking Association chief executive Anna Bligh.
Currently, regional communities are grappling with more closures, including 11 NAB branches in NSW, Queensland, South Australia, and Victoria by the end of the financial year.
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A plea from Junee resident Greg Zakharoff is likely to resonate with many in these communities.
“The banks need to listen to the people: the farmers, the graziers, the townspeople… they are the backbone of this country,” urged Mr. Zakharoff to the committee.
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