Union seeks inquiry into bank branch closures
The Peninsula is not the only community suffering with the closure of bank branches, according to the Financial Services Union.
Three banks are moving to shut down another 37 branches across the nation over the next few months, and the union is seeking an inquiry into bank branch closures.
The union said it had campaigned against branch closures for many years but is now seeking government intervention to protect local economies and save what's left of Australia's bank branch network.
"This latest list of closures means the Big Four have closed more than 550 bank branches across Australia since January 2020," said national secretary Ms Julia Angrisano.
"We must act to stop the banks walking away from communities in our suburbs and towns.
"It's time to examine the impact of these closures which have hit hundreds of communities across the country."
Ms Angrisano said for decades the major banks had been supported by Government as part of the "four pillars policy" but had failed to support local communities in return.
"Instead the banks continue to shut down branches, sack workers and turn their backs on customers and businesses.
"Cost savings from branch closures are designed to increase the banks' already huge profits," Ms Angrisano said.
"Communities depend on the banks to deliver financial services but if we don't stop the current trend, there will be no branches left."
Ms Angrisano said self-regulation had not worked.
She said the Australian Banking Association's commitment to consulting the community about proposed branch closures was being ignored.
"We need an inquiry into bank branch closures to assess the impact on local communities when the banks pull out of suburbs and towns."
Media release, 4 Aug 2022
Phil Davey, Mountain Media