Queenstown Residents Rally Against Closure of Last Local Bank Branch
The town of Queenstown in Tasmania is gearing up to fight the impending closure of its only remaining bank branch, operated by Bendigo Bank, which is set to close its doors permanently on September 26. Once the branch shuts down, the nearest banking facility will require a lengthy two-hour drive to access in Burnie, leaving many residents concerned about their banking options.
Janet Lay, a long-time customer of Bendigo Bank, expressed her outrage upon learning of the closure. "I’m absolutely furious," said Lay, who has been banking with Bendigo for 20 years. She emphasised the significance of the branch, stating, "It’s not just the only bank in town; it’s the only bricks-and-mortar bank on the entire west coast." Lay, who prefers in-person transactions, feels disconnected as the bank has gradually reduced its operating hours in the lead-up to this announcement.
Residents have previously been assured of the branch’s stability, and Lay pointed out, "We’ve continuously been told that the bank’s not closing down, that they will always be here to support you." This abrupt change has shattered trust, raising concerns about Bendigo Bank’s commitment to customer service in the region.
The closure isn’t without implications. Mayor Shane Pitt of the West Coast Council labelled the move a "huge impact" on the community, particularly for its ageing population that still favours face-to-face banking. He noted that the bank’s closure would also mean the removal of the only ATM in town, drastically limiting access to cash for residents.
Bank@Post services provided through Australia Post are available, but they come with limitations on cash transactions. Furthermore, Lay highlighted frustrations within the community, noting the anxiety surrounding future banking accessibility. "There’s a lot of upset people; a lot of anxiety about how they’re going to manage their banking moving forward," she stated.
In a statement to Yahoo Finance, Bendigo Bank acknowledged the difficult decision to close the branch, attributing the closure to changing customer preferences, diminished business activity, and rising operational costs. The bank emphasised its dedication to maintaining a robust regional presence, operating Australia’s second-largest regional branch network.
Despite the corporate rationale, the closure of the Queenstown branch reflects a broader trend of declining bank branches across regional Australia, a situation exacerbated by the shift towards digital banking. The Australian Banking Association reported a 50 per cent reduction in branch interactions in recent years, mirroring a significant reduction in branches – about 36 per cent since 2017.
Mayor Pitt is actively seeking solutions, advocating for the community’s needs while exploring a community bank option to sustain local banking services. The local council has passed a motion urging Bendigo Bank to consider maintaining the branch until at least June 2026. An online petition initiated by Lay opposing the closure has garnered significant support, with over 260 signatures indicating widespread community backing for the cause.
This situation not only highlights the vital role of local banks in regional communities but also poses questions regarding future investment in Queenstown, with residents fearing that the closure sends a negative message to potential new businesses and investors targeting the west coast.
The Queenstown branch of Bendigo Bank, which previously operated five days a week, has truncated its hours significantly, currently functioning only on Tuesdays and Thursdays until the planned closure. As local residents brace themselves for the impacts of losing their last banking facility, the situation underscores a pressing need for solutions that accommodate the needs of communities relying on traditional banking services.
