A senate inquiry into bank closures in regional Australia has revealed shortfalls in banks’ decision-making leading to the branch shutdown, including the lack of consultation with the local community and the inadequacy in ground knowledge of senior decision-makers. The inquiry, which Senator Matt Canavan oversees, held public hearings on May 17 and 18 in regional…

Australian banks launched a new digital platform on May 16 to help stop customers from losing money to scammers. The new Fraud Reporting Exchange (FRX) platform will facilitate a “close to real time” reporting of fraudulent payments to another bank, thus increasing the chances of freezing and recovering money that has been transferred to scammers….

One major Australian bank has begun phasing out cash transactions at a number of its branches saying it is keeping up with the changing behaviour of customers. Australia and New Zealand Banking Group (ANZ)—one of Australia’s “Big Four”—revealed it would begin removing cash withdrawals and deposit services on March 30. Customers will only be allowed…

A group of international consumer groups across 10 countries, including Australia, New Zealand, and the United States, are calling for the urgent regulation of the Buy Now, Pay Later (BNPL) sector. Australian consumer advocacy group CHOICE said new data showed that many Australians were struggling with debt from BNPL. “We are calling for governments across…

Insurance assessors, communication technicians and banking staff have arrived in flood-impacted areas of Queensland and New South Wales to help local communities start the slow recovery process as the devastating floods receded. Suncorp Group CEO Steve Johnston, who had spent time with staff and customers in Lismore and the Northern Rivers region, said the floods caused…

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…

ANZ will no longer fund the world’s biggest coal export port at Newcastle on the back of the bank’s new climate change policy that stops loans to the coal sector. The Port of Newcastle, which supports 9000 jobs and contributes AU$1.5 billion to the national economy, will now receive funding by National Australia Bank (NAB)…