Some 575 Australian towns had branches of at least one of the ‘big four’ banks but now have no form of bank at all, according to data released last year.
State Member for Euroa Annabelle Cleeland said something needed to be done to address the closures across Victoria.
“We have seen several closures across our region of late, with locals understandably angry about the reduction in face-to-face services,” she said.
“Some of the most vulnerable members of our community rely on their services, and their departure from our regional communities will leave a gaping hole in financial services.”
Many members of regional communities rely on bricks-and-mortar banking facilities to provide an essential service.
Ms Cleeland said it was crucial to keep these facilities open, especially in regional Victoria.
“So many people across our region aren’t set up for online banking for a range of reasons and branch closures have a massive impact on these people,” she said.
“Our elderly often rely on cash to pay bills and are left in a difficult position if services are reduced, particularly in smaller regional towns.”
An inquiry to examine the current extent of bank closures in regional Australia and the impact they have on regional communities is expected to release its final report in December.
The Nationals have heavily advocated for this issue in Victorian parliament, calling on Regional Development Minister Harriet Shing to support regional towns to ensure vital local banking services remained open.
Ms Cleeland said more needed to be done.
“While it is all well and good bemoaning the closures of branches across regional areas what we really need is solutions,” she said.
“I’m hopeful this committee will report with some strong recommendations and a pathway to protecting and balancing regional service with a modern financial system.”