A Regional Banking Taskforce has been established by the Liberal and Nationals Government to assess the impact of bank branch closures on regional communities.
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The taskforce will bring together banks and other key stakeholders to assess how bank branch closures have impacted local businesses, industries and communities and work collaboratively to identify possible solutions.
Regions such as Ulladulla have been hit hard by bank closures.
Minister for Regionalisation Bridget McKenzie said the taskforce will provide a platform to establish how the transformation within the banking industry, particularly branch closures, has affected those living in the regional areas like Ulladulla.
'"Having access to bank branches is vital for every community, particularly for residents who are unable to use online services to conduct their banking," she said.
"As we have heard, bank branch closures in the regions also affect the liveability of towns, and so I am pleased to announce this taskforce will be looking at how we can keep banking services in rural Australia."
Assistant Treasurer Michael Sukkar welcomed the formation of the Taskforce to evaluate the impact of bank branch closures in regional Australia.
"The Regional Banking Taskforce will enable the Government to work closely with the banks and local communities to assess how these services can best be delivered in our regions," he said.
The Taskforce will hold its first meeting in early November and will release an issues paper for public consultation.
The Regional Banking Taskforce and the government's support for rural and regional communities is part of our economic plan to support the recovery and keep Australians together.
