The alliance, including Goulburn Murray Credit Union and Central Murray Bank, seeks to establish a community service obligation on the banking sector to maintain essential branch services.
“We provide essential banking services to our regional communities, including advice, cash withdrawals and deposits, local employment — all while reinvesting into our community,” Goulburn Murray Credit Union chief executive Richard O’Nians said.
He noted that about 30 per cent of transactions in regional banks involved third-party banking, impacting their competitive ability.
Central Murray Bank chief executive John Pattison reinforced the bank’s regional focus.
“We turn up every day in places where banking is hard and costly, because these communities matter,” he said.
The initiative has garnered support from prominent organisations, including the Country Women's Association NSW, Regional HQ, Combined Pensioners and Superannuants Association, and National Seniors.
The alliance’s formation comes as major banks have closed more than 90 regional branches since February 2022.
The RBIA is collaborating with the Federal Government to ensure the ongoing availability of cash distribution and face-to-face banking services throughout regional Australia.
