Speech to Parliament by Libby Coker MP on 5th September 2022:
There is a disturbing trend across Australia. It's the closure of many of our bank branches, particularly in regional areas. The Commonwealth Bank of Australia recently announced it is closing the Drysdale branch on the Bellarine Peninsula, within my electorate. That is an especially bitter blow for the people of Drysdale, coming in the wake of the National Australia Bank closing its Drysdale branch earlier this year. The Drysdale CBA is an important branch for many in that community. There is a sizable elderly population in Drysdale, many of whom have banked with the CBA for decades. The closure will especially impact those who are less skilled at online banking or who don't even have access to online technologies.
The CBA said to the Drysdale post office that it would be the outlet to handle withdrawals and deposits on its behalf. However, there are many times when people need to go to a bank for personal assistance. Many bank transactions are more complex than simple deposits or withdrawals. For some, it's the regular contact—it's the face-to-face contact, the chat—that really matters. Local businesses in Drysdale will still need to have weekly or daily banking. To announce the branch will now become part of the Ocean Grove branch, 15 kilometres away, is not only impractical; it's insulting to the many loyal Drysdale customers. I'm also concerned not just for the elderly but for those with disability. For them, travel is not always practical or possible.
I'm told that the CBA in Drysdale closes its doors this Friday. ATMs at the branch will also close. I'm also concerned about the future of staff at these banks. It's hard to fathom why this is happening, when both the CBA and the NAB are making bumper multimillion-dollar profits, as are the other banks. Transitioning to internet banking might make sense to executives in head offices, but it is disenfranchising our most vulnerable. I believe customers deserve better.
Other bank branches in my electorate are also closing. Bendigo Bank, ANZ and Westpac have permanently closed or will permanently close a number of their branches in the Geelong region. So that's six fewer branches in the region. I suspect Corangamite is not the only electorate across the nation experiencing this. I ask the banks—I urge them—to carefully reconsider their decisions about branch closures in light of the huge impacts, and I remind banks of their social licence from the community and their customers. It's disappointing that at this stage customers appear to have become, with all banks, a distant second to profits. That is far more important to the banks than the people they serve. They need to get their act together.
