Australia`s four largest banks closed nearly 200 branches last year (Daily Telegraph)
Australia`s four largest banks closed nearly 200 branches last year and removed 700 ATM machines, accusing them of "taking profits more seriously than people".
According to the Daily Telegraph, according to data exclusively obtained by Australian News Corp (News Corp), the four largest Australian banks-(CBA), National Bank of Australia, (ANZ), (NAB), Australia, New Zealand Bank, and (Westpac), Western Pacific Bank, are among the four largest banks in Australia. A total of 196 branches have been closed since September last year. In addition, the four banks have removed 734 ATMs across Australia.
This left some remote urban residents in Australia unable to complete their banking operations and was forced to drive long distances to nearby towns to trade.
The National Bank of Australia had the strongest efforts to close its branches, closing 71 branches and removing 339 ATMs. ANZ Bank closed 51 branches, Western Pacific Bank closed 40, and Federal Bank of Australia closed 34.
Rhys (Nathan Rees), assistant national secretary for (Financial Sector Union), the Australian financial trade union, said the shutdown was the result of banks "taking profits more seriously than people." Residents and businesses in remote towns are affected, and some may have to travel hundreds of kilometres to the nearest bank office to do business. In addition, a small or medium branch closes, or as many as 10 people lose their jobs.
In many areas where there are no banking branches, the Australian post office, (Australia Post), has had to clean up the mess and act as a substitute for banks.
The Australian Post Office has more than 3500 outlets offering trading services, including 1500 communities with no banking branches in the country. In 2017, the Australian Post Office handled more than 375 million bank transactions for a total of A $130 billion.
It is understood that Australia`s four largest banks are currently in talks with the Australian Post Office, plans to provide additional funds to compensate for the loss of post office-related business.
