‘Abandoned, disrespected’: Rural branch closures inquiry calls for more banking regulation

A banking regulator should have veto power over branch closures, otherwise country communities will continue to pay the price of losing essential services, a long-running inquiry has found.

The Senate inquiry into branch closures across rural Australia released its final report on Friday afternoon, making eight recommendations to protect the future of regional banking.

The committee spent a year travelling across rural Australia hearing about the effects on everyday life and business when a country bank shuts its doors.

Remote business owners gave evidence of having to stuff six weeks of cash takings into suitcases to fly to a city branch, or drive hundreds of kilometres to do their banking.