Tammy Tyrrell (Tasmania, Independent) Share this | Hansard source

When a local bank branch shuts down, it takes a part of the community with it. It's not just about putting a few coins into your account; it's a lifeline for small businesses who need cash floats and for people to get advice and a home loan. But banks don't care about that—they care about profits—and when your small town isn't worth it to them anymore they shut down. Bendigo Bank is closing their Queenstown branch. It's the last bank on Tassie's West Coast, so if residents need cash or financial assistance their closest bank will now be a two-hour drive away. Imagine being a small business. You've run out of cash in the middle of the day. You're the only one in the shop. You can't just jump in the car for a four-hour return trip, but your only other option is to say, sorry, card only. Not everyone wants to do that, and the internet isn't really reliable to keep the EFTPOS going. Banks packing up means the entire town suffers. Queenstown can still access some services through Australia Post, but when did they become a scapegoat for banks to leave regional towns in limbo?

Communities across Australia are being left without access to bank branches or ATMs, and that's why we need a community banking guarantee. The government would give money to communities to make sure there's a local bank in rural towns. It'd be a fixed amount of money and would be distributed by the council if a bank sets up in the area. The council would also have to bank at the bank. After all, if you want them to stay in the community, you've got to put your money where your mouth is. We need more people living in regional areas, but you've got to have basic services to attract new residents and keep them there. A community banking guarantee puts power back into the hands of the community, and I'd like to think that's something we can all get behind.