Regional communities impacted by the closure of local bank branches are hoping a government-led taskforce will be able to find practical solutions to the ongoing issue.
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Last week the federal government announced a regional banking taskforce, set to examine the impact of bank branch closures on regional communities across the country.
Minister for Regionalisation Bridget McKenzie said the taskforce will bring together banks and other key stakeholders, providing a platform to establish just how regional communities have been impacted by changes within the banking industry.
NSW Senator Perin Davey added that the taskforce is an "important step forward because it will allow us to draw on the knowledge of the banks and businesses to find workable solutions to this issue".
The Riverina town of Junee has lost a number of local bank branches in recent years, with mayor Neil Smith saying there is only one bank with an original presence left.
"We've seen most of our banks leave town," he said.
"It's a real problem."
The community is able to access limited banking services at the local supermarket and post office, but Cr Smith said the "local touch" is being lost over time.
He hopes the regional banking taskforce will be able to come up with a new model "that continues to provide a shopfront and a personal service".
"I can understand it and it's just the way the world is moving, but this sort of transitional period is really difficult for a lot of people," Cr Smith said.
Part of this transitional period involves a greater focus on online banking. Cr Smith said this poses a challenge for members of the older generation in particular.
"I imagine as you get older ... you're not quite as up with whatever the current things are, so it will continue to be a challenge for older people," he said.
"They rely on the kids or the grandkids [but when] they don't have those family support networks, then they're really quite stuck."
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Riverina MP Michael McCormack raised the issue in Parliament on Thursday and said the number of bank branches in regional and rural Australia reduced by almost a quarter - roughly 1900 branches - in the last four years.
He said the closures are part of a "broader trend across the country", but "hit regional communities the hardest".
Mr McCormack acknowledged that in some communities bank branches won't be returning, but said "we need to do everything we can to reinforce the message that we need these services".
"Indeed, some small businesses rely on banks to have that cash flow. They don't want to have to keep cash on the premises, because of the risk of break-ins," he said.
Cr Smith echoed these concerns, saying a number of businesses in Junee still deal in cash, particularly over the weekend - meaning business owners often have to travel to Wagga to get the money in the bank.
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