A Senate report says banking services and access to cash should be considered an essential service in Australia, and has called for a new banking code, which would prohibit banks from closing local branches in regional areas without consultation. The report, which also calls for investigation into the feasibility of a publicly owned bank, has been criticised by the Australian Banking Association, which says customer behaviour has moved away from face-to-face banking services. However, some residents living in, regional and remote communities have welcomed the report, highlighting the importance of local banks for those low on digital literacy, as well as the difficulties businesses face in having no safe places to make large cash deposits.
A Senate report says banking services and access to cash should be considered an essential service in Australia, and has called for a new banking code, which would prohibit banks from closing local branches in regional areas without consultation. The report, which also calls for investigation into the feasibility of a publicly owned bank, has been criticised by the Australian Banking Association, which says customer behaviour has moved away from face-to-face banking services. However, some residents living in, regional and remote communities have welcomed the report, highlighting the importance of local banks for those low on digital literacy, as well as the difficulties businesses face in having no safe places to make large cash deposits.