New deal to keep Junee’s last bank open until 2027

JUNEE’s last remaining bank branch will remain open for at least another two-and-a-half-years, under a new deal struck with the federal government.

It was announced yesterday that Australia’s ‘big four’ banks — Commonwealth Bank, Westpac, NAB and ANZ Australia — have all agreed to not close any more rural or regional branches until at least July 2027.

About 850 (or 36 per cent) of Australia’s regional bank branches have closed since June 2017, leaving over 1,000 post offices to fill the void with basic banking services.

Junee was set to join the list of closures, after the Commonwealth Bank signalled its intention to close the town’s last branch in 2022.

That was until Junee’s residents and business owners fought back, with the community’s relentless efforts triggering a Senate inquiry into Bank Closures in Regional Australia which forced the bank to put a pin in its plans.

Junee hosted a hearing for the inquiry in September 2023, during which representatives from local organisations and business raised concerns regarding a lack of consultation, poor accessibility for elderly and digitally illiterate customers and the threat of business leaving town.

Member for Riverina Michael McCormack MP welcomed Tuesday’s news and praised the Junee community, saying had it not been for the town’s “persistent advocacy”, the outcome may have been different.

“The announcement today comes about in no small part due to the persistence of the Junee community, who I have stood proudly alongside, in their efforts to keep their final bank branch open,” Mr McCormack said.

“I am pleased to see our advocacy has informed Government policy for the benefit of regional Australians.”

Commonwealth Bank, NAB and Westpac have also signed new agreements with Australia Post’s banking service, Bank@Post, to continue offering basic in-person banking services at 3400 of its post offices across the country.

ANZ has also agreed to join the service, while Macquarie Bank and HSBC will also begin negotiations to join.

“This outcome is beneficial to both communities which still retain bank branches, as well as those at which Australia Post offers their only banking service,” Mr McCormack said.

“With the moratoriums secured, there is still more work to be done to ensure the sustainability of regional banking services in the long term.

“This is an issue that is above politics — regional and rural communities simply need and deserve access to banking services, otherwise they won’t be able to continue to prosper.”