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APRA notes declining deposit-taking branches, waits for senate inquiry to closures

Branch numbers have been declining by 37% since 2017.

The latest data reveals a continued decrease in bank branches up to 30 June 2023. There has been a reduction of 424 branches across Australia, constituting an 11% decrease, according to the Australian Prudential Regulation Authority (APRA).

The APRA has published its 2023 statistics on the presence of authorised deposit-taking institutions (ADIs). These statistics provide a comprehensive overview of the physical banking services available to Australians, encompassing branches, ATMs, and EFTPOS facilities.

Notably, 122 branches in regional and remote areas, reflecting a 7% decrease, have also been impacted. This trend signifies an ongoing decline, with branch numbers decreasing by 34% in regional and remote areas and 37% overall since June 2017.

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APRA serves as the national agency responsible for collecting data within the financial sector. The organisation gathers points of presence information from banks, credit unions, and building societies, releasing it annually. 

In response to a recommendation from the Regional Banking Taskforce, APRA is currently reviewing its points of presence statistics. This review began with consultations with stakeholders in April of this year. 

APRA is currently in the process of assessing the feedback from submissions and engaging in further discussions with relevant parties. A second round of consultations is anticipated in 2024.

Furthermore, APRA is actively monitoring the progress of a Senate inquiry into bank closures in regional Australia and will continue to provide support for its endeavours.


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