‘Essential service’: Big four banks grilled on regional branch closures in inquiry

Sky News host James Macpherson says bosses of the big four banks were grilled today by senators inquiring about the closure of regional branches. The financial sector union has said around 1,600 branches have closed in the last five years with a disproportionate number of those in regional and rural areas. Banks argue the Australian public are not using the branches anymore but they only count people who are depositing or withdrawing money, and don’t include loan inquiries or identity purposes. Commonwealth Bank argues they spend around one billion dollars a year operating their branches and neglect to mention the $10 billion in profits. “Banking is an essential service, the banks are really going to take some convincing to keep regional and rural branches open,” Mr Machperson said.