A banking code of conduct is necessary in Australia to regulate branch closures and protect access to cash for regional communities, according to a finance expert. Despite the decline in cash usage, face-to-face banking services remain crucial in remote areas and during crises for vulnerable groups. The proposed code of conduct would require banks to consult with communities before closing branches, similar to the UK’s “three-mile rule” ensuring access to free cash services within set distances.
The report also recommends recognizing access to financial services as essential and establishing a mandatory banking code. While replicating the UK model may be challenging due to Australia’s size and population distribution, the banking sector is committed to ensuring cash accessibility through fee-free ATM withdrawals and services at Bank@Post locations.
Other recommendations include expanding Bank@Post services with Australia Post and exploring community banking programs. While a publicly owned bank is a last resort, the focus remains on preserving taxpayers’ money while ensuring access to banking facilities.
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