Overview
- The Australian Banking Association lodged the plan with the ACCC on Oct. 2 requesting permission to trial up to 10 multi-bank regional hubs and to set broad access standards for participating banks.
- Commonwealth Bank and Westpac have extended a pause on regional branch closures to 2030, while other banks keep an earlier moratorium that runs to mid-2027.
- Federal data show branches outside major cities fell from 2,335 in 2017 to 1,459 last year, and Reserve Bank figures report cash makes up under 10% of payments by value, trends banks cite to justify shared facilities.
- Critics point to the UK’s experience of more than 230 hubs and a government inquiry that flagged gaps in face-to-face access, while banks point to rising tech investment and KPMG data showing large combined profits.
- If the ACCC concludes the plan does not substantially lessen competition or that it yields a net public benefit the hubs would be allowed and banks could opt in, leaving towns that already lack branches reliant on hub trials or alternatives such as Australia Post services.