Senate inquiry saves CBA branches in 320 towns; ACP says nationalise NAB! - MEDIA RELEASE 11/07/2023

The Senate inquiry into bank closures in regional Australia has had another victory, with Australia’s biggest bank, the Commonwealth Bank, announcing a three-year moratorium on regional branch closures. This announcement saves banking services for the next three years in up to 320 towns, depending on how CBA defines “regional”. Those towns can thank the Senate inquiry and Senator Gerard Rennick who fought for its establishment. They can also thank the NSW Shire of Junee and its Mayor Neil Smith and CEO James Davis, who fought tirelessly to save Junee’s CBA branch, the last bank in town. Junee’s fight was instrumental in attracting national attention to the issue of branch closures, which enabled Senator Rennick to win support for the inquiry. Nationalise NAB? By contrast to CBA and the other banks, National Australia Bank is showing it is Australia’s baddest bank, by arrogantly ignoring the inquiry and continuing to close branches in droves. NAB was the only one of the Big Four to outright refuse the request of the Senate committee to pause branch closures pending the outcome of the inquiry. It has also misled the Senate committee in its testimony, and is lying to its customers about numbers of branch visits. NAB closed three regional branches in Victoria on 6 July: Inverloch, Jeparit, and Kyneton. It was already planning to close its Queanbeyan in NSW and Boonah in Qld branches on 20 July, and Biggenden, Qld and Dunsborough, WA on 27 July. NAB has now announced 9 more regional branch closures, mostly in NSW: Wellington and Warren on 22 August; Gilgandra and Lake Cargelligo on 24 August; Gosford on 31 August; Gundagai on 26 September; as well as Temora, Tatura and Kilmore in Victoria on 28 September. These are all branches which were on the list of 64 branches where NAB reduced business hours earlier in the year, which the Australian Citizens Party warned in a 19 April release was a sure indication they were in the firing line to be closed. That means 48 more branches can also expect to be closed soon. Independe