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Australian banks closed more than 400 local branches across the country in the past year to the end of June, new figures released today show.
Shutting their doors for the final time during the 12-month period were 424 branches – or 11 per cent of all bank outlets – annual data published by the Australian Prudential Regulation Authority (APRA) shows.
Included in the closures were 122 bank branches in regional and remote areas, which amounts to around 7 per cent of branches outside of Australia's major cities.
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Since 2017, the number of bank branches have been slashed by more than a third in cities and regional areas.
The national data collection agency for the financial sector has also been monitoring a steep decline in the number of ATMs.
The number of ATMs available to withdraw cash also fell by 11 percent in the last year to June 30, with more than 700 cash machines removed from operation during the 12-month period.
Since 2017, the number of ATMs in operation has plummeted by a massive 60 per cent.
There are now fewer than 6000 cash machines across the country.
The figures come as the Senate conducts an inquiry into bank closures in regional Australia, chaired by Senator Matt Canavan, which is due to release its final report in May next year.
Bosses from the big four banks fronted the inquiry last month at a hearing in Canberra, with the top executives all pointing to cost pressures and changing customer demands as major reasons for branch closures.
Commonwealth Bank CEO Matt Comyn said the bank had reduced its branch footprint over time as "the way customers engage with banks continues to change".
Westpac CEO Peter King said it was using technology to connect the group's brands to regional customers.
ANZ CEO Shayne Elliott said the reality was customers were "rapidly moving towards digital channels".
The Commonwealth Bank and Westpac have committed to keeping all regional bank branches open while the inquiry is being conducted.
APRA said it was closely following the progress of the Senate inquiry and would continue to support its work.
Jason Bryce runs Cash Welcome, a group which campaigns against moves towards a cashless society.
The decline in the number of bank branches and ATMs had made it harder than ever for Australians to pay with cash, Bryce said.
"Australians don't want to lose access to cash or their right to choose cash to pay for essential goods and services," Bryce said.
"Consumers and businesses need cash and banking for our local economies to thrive.
"Even people who don't use cash every day need cash occasionally or when systems go offline.
"Many bank branches are being closed despite continuing heavy foot traffic and even growing numbers of customers."
