Regional Banking Taskforce – Issues Paper

In December 2021, we responded to consultation issued by the Australian Government’s Regional Banking Taskforce.

The Government established the Taskforce to assess the impact of bank branch closures on regional communities.

In our submission, examining the impact of those closures and how Australians are accessing banking services, we referenced data highlighting the increasing use of and reliance on digital platforms and characterised the COVID-19 pandemic as a catalyst for change in the way Australians pay. We noted that in the context of increased digitisation, the role of cash, access to it, and acceptance of it required careful consideration. While cash access is currently well catered, we submitted that cash acceptance by retailers and the subsequent convenient and secure banking of retailer cash takings may become more problematic over time, and that this is worth monitoring.

AusPayNet’s submission is available below.