Port Douglas Westpac to close its doors

Regional banking crisis

Paul Makin

Journalist

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The Westpac Bank in Macrossan Street Port Douglas is to be closed IMAGE Paul Makin|FAB FM

The Westpac branch in Macrossan Street Port Douglas is on an internal hit list and will be closed. Others on that list include Moree, Katherine and Gisborne.

This murder of yet another local banking service comes from an organisation that was Australia's first bank established in 1817 as the Bank of New South Wales, and in 1982 becoming Westpac Banking Corporation. Their charter proudly states that their purpose is to help Australians succeed, it’s what they do, its who they are, it’s why they come to work every day. Well, they won’t be helping their customers from the Douglas Shire succeed any more.

They are deserting us, leaving behind unhappy customers and staff who should be treated better. The Finance Sector Union believes banking is an essential service and Australians have the right to transact their banking business in a way that suits their needs, wherever they live. Of course, they’re right but the big banks don’t have the same philosophy.

Mass closures

According to independent research by banking writer Dale Webster, 64 per cent of bank branches in regional Australia have closed since 1975. Only 1011 “big four” bank branches remain, largely clustered in major centres, and of the 1226 towns that had bank branches in 1975, only 370 have banks today.

Even worse, 589 towns that once had bank branches now have no banks left at all, not even a minor one. Another 84 towns are on the verge of complete loss of banking services with only one major bank branch remaining.

According to Ms Webster, in 2021, regional Australia lost 113 bank branches from the “Big Four” banks: CBA, Westpac, ANZ and NAB – 48 of those towns lost their last major bank and of those, 24 had no other minor banks to fall back on.

So far this year, the number of “Big Four” branch closures stands at 70, with 17 towns losing their last major bank. Of those, 11 have no other minor banks.

There have also been 43 minor banks closed (17 in 2021 and 26 to date in 2022), putting the total number of banks closed since the start of 2021 at 226.

Finance Sector Union National Secretary Julia Angrisano said the union is calling on the Federal Government to inquire into the provision of local banking services, particularly in regional areas and supported calls for a moratorium on regional bank closures.

Ms Angrisano said the so-called Regional Banking Taskforce, which included the Big Four banks, the ABA and Australia Post, set up last year ahead of the Federal Election by the Morrison Government had been a total failure “We said from the start this was a political stunt by the National Party to help re-elect LNP members by giving themselves political cover on an issue of vital concern for people in country areas.”

Ms Angrisano said the Taskforce refused to hear from the FSU or their members “It’s not surprising that this report fails local communities and the staff who work in regional branches, because not one of the recommendations will stop a branch from closing its doors” In a very cynical move that Regional Banking Taskforce Report was made public last Friday night at 4.55 pm, just before a long weekend. Talk about being treated like mushrooms.

Online v personal

For years the banks have been telling customers they prefer banking online. We’ve been slowly brainwashed into thinking that. Once again, the personal touch, talking to a real human behind the counter is somehow old fashioned and unnecessary. It’s just another way for the banks to close branches and sack staff. These staff have families, mortgages and responsibilities and don’t give me malarkey about moving them around within the company. People just can’t pull up roots like the early settlers and take their goods and chattels to another region just like that. The banks are hoping they’ll take redundancy packages and disappear. Of course, the CEOs of these conglomerates are not moving anywhere. They return each day to their leafy suburb homes to count their dosh. Dollar amounts that us mere mortals can’t even attempt to wrap our heads around. For example, Westpac Banking Corporation CEO Peter King gets a base salary of $2.4 million but is eligible for as much as $9.2 million including short- and long-term bonuses. No one begrudges people being paid a decent salary but $11.6 million? With the close down mentality we have at the moment, don’t you think the dollars could be spent more wisely. Surely, we need laws to require the banks to provide a minimum level of service to customers and stop destroying their own local branch network? The exact closure date of the Port Douglas branch is not known.

Fighting Journo

There’s nothing warm and fuzzy about banks these days. Baby boomers will remember a trip to the bank with their parents was exciting. Maybe you’d receive a tin money box or see your savings grow in that passbook you guarded with your life. Those were the days of generous interest, but that’s long gone. Canberra and its politicians (both sides) have very little interest, no pun intended, of upsetting the big bank applecart and only pander to them instead of holding them accountable. Decorated bank writer Dale Webster has exposed the banks for what they truly are. Examples of corporate greed. Dale says the dismantling of the branch network has gone on with little scrutiny outside sporadic media interest due to the government database that monitors service levels being set up in such a way that it can’t be used to identify bank footprints. In her excellent article on the disappearing branches she really digs deep “To really get into the guts of what is happening in regional Australia a different approach is needed, Local Government definitions of rural and urban boundaries provide a more accurate and psychologically sympathetic delineation between city and country that, with a bit of elbow grease, can be used in conjunction with banking records to compare numbers from the point where banks turned from opening new branches to closing them with what is left now” she said.

Petition

Finance Sector Union National Secretary Julia Angrisano said the FSU is supporting a petition to Federal Parliament with the sponsoring of banking writer Dale Webster. The petition must be submitted by midnight tomorrow.

A link is below and Dale Webster’s website link and her excellent story on banks.

https://www.aph.gov.au/e-petitions/petition/EN4244

https://www.theregional.com.au/

Banking writer Dale Webster IMAGE Supplied
Finance Sector Union National Secretary Julia Angrisano has called on the Federal Government for a moratorium on regional bank closures IMAGE Supplied

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