Rural and Regional Affairs and Transport References Committee

Gerard Rennick

RENNICK () (): I move:

That there be laid on the table by the Minister representing the Treasurer, by no later than midday on Thursday, 10 October 2024, the government response to the final report of the Rural and Regional Affairs and Transport References Committee on bank closures in regional Australia.

Anthony Chisholm

I seek leave to make a short statement.

Sue Lines

Leave is granted for one minute.

Anthony Chisholm

The Albanese government understands the important role cash plays in our economy and is committed to ensuring Australians have continued and reliable access to cash. As the senator may be aware, a revised protocol for bank closures under the ABA industry Banking Code of Practice came into force from 1 July 2023, implementing the Regional Banking Taskforce's principle recommendations. The revised protocol includes a new customer care standard, with additional obligations to be triggered if the nearest branch is more than 10 kilometres away—down from 20 kilometres—mandatory branch closure impact assessments and enhanced customer notification obligations.

Additionally, Australia Post's Bank@Post service is part of the solution for maintaining access to banking services. Through this service, customers can make withdrawals, deposits and balance enquiries at their local post office. There are currently more than 3,400 post offices providing access for more than 80 banks and financial institutions. The government is concerned about the impact that this may have on those who need to refer to or to access face-to-face banking services and is currently considering its response to the Senate Rural and Regional Affairs Transport References Committee report.

Sue Lines

The question is that general business notice of motion No. 653 standing in the name of Senator Rennick be agreed to.