The Australian Prudential Regulation Authority (APRA) has confirmed that a substantial number of bank branches in Australia have closed in the past year. In the 12 months leading up to June 2023, 424 bank branches, or 11 per cent of Australia’s overall branches, have shut their doors. Rural and remote Australia suffers the proportionately greater hit, with seven percent, or 122 of thee branches once being in their areas. According to APRA: “This continues a trend that has seen branch numbers decline by 34 per cent in regional and remote areas, and 37 per cent overall, since the end of June 2017.” And the issue is not merely one of labour costs, as there has been a 60 per cent decrease in operational ATMs over the same time. The banks defend this by saying that it is only reflecting the decreased demand for cash by consumers. According to their own data, of course.
I would like to see some independent statistics on this, not collected by the banks. Even if this is true, the extent of the bank closures does not correspond to any alleged decrease. As critics have said, the banks are working to force people into Central Bank Digital Currencies. The arguments against this have been made by many, including the loss of freedom from allowing one’s finances to be cancelled at the click of a keyboard, as was seen in the Canadian truckers’ blockade, and the cancellation of Dr Mercola. As well, any disruption to the on-line services, will mean that one cannot buy essential items. It is yet another thing to oppose, for freedom’s sake.