Adam Marshall’s message to banking customers
Banking customers in rural and regional NSW should reconsider their ties to the big four banks – with branch closures showing a lack of interest in the bush.
Earlier this week, I expressed my disgust at the banking sector on the floor of the Legislative Assembly today, dismissing the excuses provided by the financial sector and declaring “enough is enough.”
Last year the big four collectively recorded a profit of more than $31.5 billion. Despite that, during that same period they closed 38 branches across regional Australia.
Our big four banks are amongst the most stable and profitable financial institutions in the world thanks to the considerable support and policy certainty offered in difficult economic times by the Australian Government and Australian taxpayers.
However, when times are good, they have no compunction in gouging resources, branches and employees from our small regional communities which can least afford it.
The Commonwealth Bank’s recent decision to close its Guyra branch was the last straw, listing several recent closures and partial shutdowns in Glen Innes, Uralla and Moree.
How does a farmer bank a cheque using a phone app? How does a grandmother use a phone app if she wants to deposit money into her grandson’s account as he is heading to university? How does a small business owner get advice on restructuring their debt to stay afloat on their tablet device? Those customers will face a two-hour round trip to access basic banking services.
Small businesses are the backbone of regional communities and without local bank managers, locals cannot access the critical financial information they need.
Unfortunately the big four are run by ‘city based bankers’, who have no understanding of country communities and no loyalty to the people who generate billions and billions of dollars in profits and shareholder returns annually.
My message to the people of my electorate is to give two big fat middle fingers to the big four banks because that is what they have been giving them and giving them consistently for years.
Hon Adam Marshall MP
Minister for Tourism & Major Events
Assistant Minister for Skills
Member for Northern Tablelands