Australia Post is taking a look at methods to assist regional cities affected by ongoing small city financial institution department closures.
Chief govt Paul Graham advised senate estimates the company – specifically Bank at Post – was making an attempt to evolve to satisfy the wants of regional Australians, significantly in cities the place the submit workplace was now the one banking facility accessible.
It comes a day after the large 4 banks have been made topic to a brand new inquiry that can look at the financial and welfare impacts of dropping banks in regional Australia.
The inquiry will even take a look at the method banks are following to shut branches, and the reason is given.
Senator Matt Canavan wrote to the banks on Monday asking them to place their slated closures on maintain till the committee reviews again on the finish of the yr.
Noting there are 1150 Australia Post branches across the nation which function a city’s sole financial institution or monetary establishment, Mr Graham conceded there was a “whole bunch of areas” that also wanted to be explored and improved to make sure regional Australians had entry to fundamental banking companies.
“(Not having access to cash) remains a cause for concern. Our original Bank at Post agreement wasn’t set up as well for what we now see is occurring,” Mr Graham advised senate estimates on Tuesday.
“Small businesses particularly was not fully understood (as being significant when first set up).
“We need to make sure we’re physically set up. We need to (also) be looking at the delivery of cash.
“There are a whole bunch of areas that need to be explored … And there is work to be done with banks to understand what the needs of community are.”
Mr Graham stated banking companies have been accessible via Australia Post at 3500 areas in whole.
Source: www.perthnow.com.au
