Australian Banking Crisis Leaves Thousands Stranded Without Withdrawal Access, Forcing Long Journeys for Cash

A new report reveals that a group of banking customers in Australia is facing challenges. Due to the country’s move towards a cashless society. 

Approximately 4,500 residents in Kununurra, Western Australia. Now must travel 500 miles to reach the nearest bank, as major banks like Commonwealth Bank (CBA), NAB, and Westpac have closed their branches and ATMs in the town due to reasons such as staffing and security concerns. This shift reflects a broader industry trend of reducing physical banking locations. The closure of these services has left residents reliant on cash withdrawals at the local Coles supermarket. Which has been overwhelmed by demand and has ceased this option. 

Data from the Australian Prudential Regulation Authority (APRA) shows that between June 2022 and June 2023. 424 bank branches (11% of all branches nationwide) and 718 ATMs were shut down. Concerns over these closures prompted Australians to rally on April 2nd to protest the trend and highlight the country’s increasing reliance on digital payments. Despite these closures, Australia’s major banks have stated they do not plan to completely abandon physical currency.

Clever Robot News Desk 22^nd April 2024