A new banking system will help thousands of Australians save an estimated $120 million (US$89.3 million) annually by stopping scam transactions from fraudulent overseas sellers. Westpac, one of the “big four” banks in Australia, has announced on April 11 that it has begun automatically blocking suspicious online transactions from international retailers with high risks of…

A government taskforce involving the big four banks, peak bodies, and Australia Post will examine the impact of regional bank branch closures on the local communities, businesses, and industries. Regionalisation Minister Bridget McKenzie said it would provide a platform to determine how changes in the banking industry have affected regional communities. “Having access to bank…