The Australian Senate Rural and Regional Affairs and Transport References Committee received 346 submissions regarding the inquiry into the extent and impact of bank closures in regional Australia.

Several high-profile entities submitted recommendations, including the Indigenous Consumer Assistance Network (ICAN), the Australian Banking Association, and the Reserve Bank of Australia as well as individual submissions from residents in regional communities.

ICAN submitted a report to the Inquiry detailing the experiences of regional and remote banking customers and provided clear recommendations for policy solutions. The organisation urged the Senate Committee to consider and adopt a range of recommendations, which include measures such as establishing a community banking model, improving access to digital banking services, more fee-free ATMs placed in communities that don't have branches and ensuring that banks consult with affected communities before closing branches.

The ICAN submission quotes Reconciliation Australia in citing concerns about the ability of Aboriginal communities to access cash and have financial independence.

"The rhetoric of economic independence is commonly employed as a laudable objective for Indigenous peoples. However, there is little evidence of systematic attention being applied to ensuring Indigenous Australians can even enjoy equitable levels of access to those essential banking and financial services that are taken for granted by other Australians."

The peak body representing Australian banks, the Australian Banking Association, or ABA, submission highlighted the contribution that Australian banks make to regional Australia, supporting key industries such as agriculture, tourism, resources, and energy, as well as emerging industries. The submission emphasised that banks are also significant employers of people in the regions, including branch staff, as well as mobile and business bankers who visit customers at their businesses, remote communities or travel to customers' homes. The ABA also noted that other bank staff are increasingly able to remotely perform roles that were previously city-based thanks to technology and online shifts.

The Reserve Bank of Australia's submission emphasised its commitment to meeting public demand for banknotes and ensuring good access to cash withdrawal and deposit services.

While the RBA noted that the number of cash access points, including branches, has declined in recent years, the submission notes that the removal of some access points may not substantially affect people's ability to access cash if ATMs are located sufficiently close to one another.

The submission also noted that the RBA has committed to monitoring the ability of Australians to access and pay with cash, with a particular focus on regional communities.

The committee also received submissions from individual citizens, such as John Jamieson from Halls Creek in WA who stated very clearly that "..without a bank in town it is hard to get cash. This makes it difficult for artists from town and outlying communities like Balgo, Yilli, Ringers Soak and to sell their paintings."

"A local bank would make the community feel more whole and less forgotten."

The Senate committee will report to the Parliament on 1 December 2023, on the impact of bank closures on regional Australia and may lead to policy changes that support regional communities' financial independence.