Australian Senate committee recommends a public or postal bank to address rural bank closures.
A Senate committee in Australia has recommended that the federal government consider establishing a publicly owned bank to address the ongoing closures of bank branches in rural areas. The committee proposes a standalone public bank or one utilizing Australia Post's branch network, emphasizing the importance of recognizing access to financial services as an essential service. Without government intervention, the wave of bank branch closures is expected to continue.
May 27, 2024
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