Bank closures are escalating around South Australia, with two recent examples being the Bendigo Bank branch at Munno Para and the Bank SA at McLaren Vale closing on October 21st.
In-person banking is a critical service necessary for both businesses and a wide section of the community, allowing for the safe transfer of funds.
The concerted efforts of many of the big banks implies a level of contempt the banks have for their loyal customers who need local access to these critical services. For example, there are many members of society who do not have access to online banking, and these closures are forcing customers to travel long distances to complete their business. This disproportionately hurts small and rural communities, and can lead to long-term economic decline.
These changes are creating an area of market failure that the DLP believes should be addressed by strengthening credit unions and implementing a National Development Bank owned co-operatively by all members of the Federal electoral roll.
This would give every Australian a say in the conduct of the bank, access to affordable credit and the ability to visit local branches in their local community rather than being disadvantaged by arbitrary decisions of profit-driven corporations.
