Country towns still suffer: Regional Banking Taskforce report slammed as ‘total failure’ by FSU

The landmark report on mass bank closures in regional Australia, which blasted banks and governments for not doing enough for country residents, has been labelled “a total failure” by the nation’s top banking union. The Regional Banking Taskforce’s damning final report, handed down on September 30, pointed the finger at both the banks and governments, saying the banks could do more to help customers, but governments could provide better telecommunications infrastructure. The report unveiled seven key recommendations highlighting a need for better bank regulation and more support for regional customers. But despite the stark findings, the trade union representing Australia’s banking and financial industry workers said the report didn’t go far enough. “The report tabled by the so-called Taskforce needs to be pulped and we need to start again,” Finance Sector Union national secretary Julia Angrisano said. “We need a proper inquiry, not just the banks talking to themselves.” Ms Angrisano refers to the taskforce comprising senior representatives from ANZ, Commonwealth Bank, NAB, Westpac, Bendigo and Adelaide Bank and Bank of Queensland, alongside key industry stakeholders, including the Australian Banking Association and Australia Post. “The so-called Taskforce refused to hear from the FSU or our members. It held only a handful of meetings and achieved absolutely nothing,” she said. “It’s not surprising that this report fails local communities and the staff who work in regional branches. Not one of the recommendations will stop a branch from closing its doors.” None of the Taskforce’s roundtable meetings were held in WA. Regional Australia has lost more than 600 banks since 2017, the closures disproportionately affecting regional customers, some needing to travel hundreds of kilometres to get to their nearest branch. “Don’t believe the banks when they claim customers prefer banking online,” Ms Angrisano said. “Our members tell us that the numbers of ‘over the counter’ transactions each day are counted up and once a limit is reached, customers are taken to a computer inside the branch or to an ATM outside and shown how to do their banking online. “We want laws to require the banks to provide a minimum level of service to customers and stop cannibalising their local branch network.” In the past five years the big four banks have closed their doors in Waroona, Harvey, Australind, Bunbury, Dunsborough, Collie and Augusta, as well as further afield in Kondinin, Wyalkatchem, Three Springs, Jerremungup, Wagin and Morawa.