Regional banking task force disbanded

A task force created to investigate the impact of bank branch closures on regional communities has been disbanded before it can release its final report.

The Morrison government established a regional banking taskforce consisting of representatives from the big four banks, peak industry bodies, Australia Post and local governments last year.

Nationals deputy leader Perin Davey said it was important that the task force completed its work.

She said it would be a bad outcome if the good work that has occurred was left languishing on a shelf.

I saw a draft final report that was OK, but didn't go far enough in my mind. Regional communities that did not have bank branches would access cash, a concern that was not properly addressed by the task force.

Federal assistant treasurer Stephen Jones said he was in support of the task force's work.

He said the task force's findings were expected to identify alternatives to bank branch models that would maintain or improve banking services and accessibility in regional areas. Local mayor Neil Smith said it was a shame the town would lose its final bank.

He said that it affects a particular group of the community, one of those being older residents who don't have the skills to use internet banking.

More than 470 regional and rural banks were closed between mid-2017 and mid-January 2022, according to the Australian Prudential Regulation Authority.

The task force was expected to present its recommendations to the Treasurer in February.