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More banks to close across Australia as profits soar

Ray Hadley Exclusive
Article image for More banks to close across Australia as profits soar

Westpac Group has notified the Finance Sector Union (FSU) it will shut down another 20 branches across four states with the loss of 91 jobs imminent.

Last Friday Westpac told the Cloncurry Shire Council the branch, which opened in 1905, will close on May 19.

The ongoing Senate Inquiry into the banking industry will examine the impact of the closures in regional Australia but the move by all the big four banks to downsize branch networks is hitting Australians in the cities as well.

See the list below:

In an update, Westpac has been in touch and they tell us some of the branches on the list above will be “co-locating” with other branches. These include:
  • Tamworth
  • Top Ryde
  • Auburn
  • Randwick
  • Lane Cove
  • Woy Woy
  • Revesby
  • Charlestown
  • Baulkham Hills
  • Narellan
  • Victor Harbor
  • Kogarah
  • Unley


It comes as the banks are about to release their Half Yearly/Quarterly results and all big four banks are on track to boast huge profits this financial year.


In response to the Cloncurry branch closure Westpac sent Ray the following statement:

“Westpac has more than five million digitally active customers and we know their expectations are changing. Our customers are using branches less, for fewer reasons, and choosing to use digital banking more often. Our service approach is responding to customer preference. That’s why we’re investing in digital services so our customers can bank with us anywhere, at any time.

Westpac Group recently signed a 10-year agreement with Bank@Post to continue to provide over-the-counter transaction banking services throughout 3,500 locations across Australia, including 1,700 in regional areas where we do not have a branch. We always notify our customers about the transition to our Bank@Post partnership service and directly connect them with the services they need for physical banking. For those who are new to Bank@Post or digital banking, or may require more assistance with the changes, we provide dedicated support and education to make the transition easier.

In Cloncurry, we are closing our branch and transitioning these services to Bank@Post at Cloncurry LPO, only a 350m walk from our current branch. Our Agribusiness and Business customers will continue to be supported by their existing relationship management teams.

There have never been more ways to bank with the Westpac Group, and customers can expect the same great service through telephone, online, mobile, and virtual banking. For support, customers can talk to one of our bankers on 132 032.

We remain committed to supporting our customers in Cloncurry and are happy to discuss this matter further with Cloncurry Shire Council.”

Image: Getty

Ray Hadley Exclusive