Banks slash one-third of regional branches in six years: APRA

The news: Banks, credit unions and building societies closed more than one-in-ten branches in the 2023 financial year, while more than a third of Australian regional branches have closed since 2017, APRA data shows.

The numbers: Australian authorised deposit taking institutions (ADIs) shuttered 424 branches across Australia (11% of total), which included 122 (7% of total) regional and remote branches. Branch numbers have declined by 34% in regional areas and 37% Australia-wide since mid-2017.

The context: A Senate committee is inquiring into bank closures in regional and rural Australia with hearings to continue to May 2024. CBA, ANZ and Westpac have a agreed to temporarily halt regional branch closures. Westpac has also expanded access for customers of any of its Westpac, St George, BankSA or Bank of Melbourne to access all corresponding branches for cash transactions.