Australia Post is exploring new ways to support regional towns affected by the ongoing closure of small town bank branches. Recently, Chief executive Paul Graham told senate estimates that the corporation is committed to finding ways to help regional Australians, particularly those in towns where the post office is now the only banking facility available.
In an effort to alleviate the burden of bank closures, Australia Post is looking to expand its Bank at Post services. Bank at Post is a suite of banking products and services offered through Australia Post, including basic banking transactions such as deposits and withdrawals, bill payments, and money transfers.
The new inquiry, which will examine the economic and welfare impacts of losing banks in regional Australia, was announced a day after the big four banks were made subject to it. Additionally, it will also look into the process banks are following to close branches, as well as the reasons being given for the closures.
Paul Graham, the Chief Executive, informed Senate estimates that Bank at Post was striving to adjust to the needs of regional Australians, particularly in towns where the post office is now the only banking service available.
“The lack of access to cash is a continuing worry. The original Bank at Post agreement did not anticipate the current situation,” Mr Graham told senate estimates on Tuesday.
“We need to ensure that we are well-prepared physically. Additionally, we must examine the flow of money. Numerous areas must be investigated… Furthermore, we must collaborate with banks to comprehend the needs of the community and complete the necessary tasks.”
