Jim Chalmers (Rankin, Australian Labor Party, Treasurer) | Hansard source

I thank the honourable member for her question. If they're still around, I acknowledge the school from her local community in the parliament as well. We have taken substantial action since that committee report was handed down. I appreciate that the honourable member is asking me about a process response to the committee inquiry, but we haven't waited for that. We've actually been taking some quite significant steps. I acknowledge the former assistant treasurer and the current Assistant Treasurer for all the work that we do in this regard, because we know that local banks can be the lifeblood of country towns, including your beautiful part of Australia. That's why we worked really hard to keep essential banking services in regional Australia, recognising how important they are.

Between 2017 and 2022, the number of bank branches in regional Australia fell by 29 per cent—about 700 regional bank branches closed under our predecessors. Since we came to office, we've negotiated a moratorium on branch closures for 2½ years to ensure no regional branch closures by the major banks before 27 July. We've secured increased investments in Bank@Post—I acknowledge the communications ministers for that. We've delivered the cash acceptance mandate and released draft legislation on the cash distribution regulatory framework, and our support for regional banking is having a real impact in communities across Australia. The rate of closures under our watch has actually plummeted.

Having said all of that, we do acknowledge that there is more work to do. Actually, a large part of the work that the Assistant Treasurer and I do with the ABA and directly, bilaterally, with the banks is about the next steps. When it comes to regional banking, we do have more work to do there. We've been up front about that. I acknowledge Simon Birmingham and others who have been working very closely on that, and we hope to make some more progress before long. We've also been working with the regulators and with communities to try to find sustainable solutions here.

We do recognise how important regional banks are to regional communities like the honourable member's. That's why we've taken significant steps and it's why there'll be more to come.

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