Government must act as more bank branch closures threaten jobs, union says

Bendigo Bank has announced the closure of 10 branches spread across five regional communities, carrying on the recent trend of branch closures.

The Finance Sector Union (FSU) has called on the chief executive of Bendigo Bank and the federal government to step in to save the recently announced closures of 10 banks scattered across five regional communities – with the union questioning the bank’s mantra of the “better big bank”.

Writing to the federal minister, local members of parliament, and Bendigo Bank chief executive Richard Fennell, the FSU has claimed that the closures will cut 32 full-time roles and will be a huge blow to the local communities due to the essential service the branches offer.

“To close 10 branches, five in regional communities with no other bank branch, is a slap in the face from a bank which most Australians know as the largest regionally based bank, and a supporter of regional communities,” said FSU national secretary Julia Angrisano.

“While 32 full-time equivalent roles are impacted, many more individuals are at risk due to the number of part-time staff engaged in these branches.”

According to the union, the closures are set to begin on 1 August, with the last of the announced closures to take place on 31 October.

“Three Victorian communities – Bannockburn, Korumburra, Yarram, along with Malanda in Queensland, and Queenstown in Tasmania, will lose the last of their local bank branches. Also impacted are regional branches in Kings Meadows (Launceston, Tasmania) and Tully (in Northern Queensland),” said Angrisano.

“The largest impact from this decision will be felt in the bank’s home state of Victoria, with six branches closing, including larger regional branches in Geelong and Ballarat, and a suburban branch in South Melbourne.

“This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank’s presence in regional Australia. For a bank [that] proudly has its regional centre hometown as part of its name, and is fondly known for its community branch network, this decision feels very ‘big bank’ for all the wrong reasons.”

As previously reported on HR Leader, the FSU also hit out at the Bank of Queensland (BOQ) for committing to similar actions with their plan to shut down nine total branches.

For BOQ, branches in Subiaco and Bunbury (Western Australia), Sydney Markets, Campbelltown, and Byron Bay (NSW), and Aspley, Edge Hill, Aitkenvale, and Surfers Paradise (Queensland) are set to close between July and August – coming just after closures in Manly, which occurred on 30 May.

“The Bank of Queensland, once proud of [its] national network, is continuing to gut branches from local communities,” said Angrisano at the time.

“Removing branches is a shameful act of betrayal by big businesses [that] care about their profit more than they care about delivering the local services banks used to be proud to provide to their customers.”

In terms of the Bendigo Banks closures, Angrisano urged the federal government to intervene, adding: “The Finance Sector Union has also raised the issue of consumer and worker regulation of banking with new Assistant Treasurer and Minister for Financial Services Daniel Mulino MP.

“It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first.”