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Question and Answer Tracking Details

3471 - WALLSEND ELECTORATE BANK BRANCHES

Hornery, Sonia to the Treasurer

Considering reports from the Salvation Army show more people are facing financial pressures and are accessing payday loans because of the COVID-19 pandemic, and bank closures are forcing people in the Wallsend electorate to use predatory financial services, what work is being done to keep local bank branches open?

 

Answer -

Keeping local banks branches open isn't the Government's responsibility nor do we have the power to order private entities to change their operating environment. There's also no relevant data at the electorate level.

You may wish to direct this matter to the Australian Prudential Regulation Authority (APRA), an independent authority that supervises banking, superannuation and insurance institutions with the aim of promoting stability in the Australian financial system.

 


Question asked on 16 June 2020 (session 57-1) and printed in Questions & Answers Paper No. 66
Answer received on 21 July 2020 and printed in Questions & Answers Paper No. 70