Temora mayor Rick Firman calls for independent voice as Riverina branches prepare to close

Residents of Gundagai and Temora are bracing as the National Australia Bank prepares to end trade in the two towns this week with the former to shut up shop on Tuesday and the latter on Thursday.

Speaking at the federal parliamentary inquiry into regional bank closures in Junee last week, Temora mayor Rick Firman said the current system is not good enough and called for an independent authority to oversee the system.

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"Public data indicates almost 700 branches closed across Australia over the past three years," Cr Firman said.

"In the Temora Shire, we've seen four bank closures over the past 15 years, a decrease in operating hours in another, and NAB is set to close on September 28."

He said an independent bank assessor could help make the banks more accountable.

"It is our view this assessor should be funded by the big four banks," Cr Firman said.

Mr Firman said if the banks "really care, they would take us up on this [idea]."

Inquiry chair Matt Canavan expressed some interest in the concept and asked if this would also require making the current voluntary banking code compulsory.

"One hundred per cent it would," Cr Firman replied, noting the voluntary code wasn't enough.

"It's sad and frustrating because we're working hard to build up our shire and the big banks are [now they're] saying they don't believe in us," he said.

Temora currently still has Westpac, Southwest Slopes Credit Union and Commonwealth Bank branches in town, although the latter is now only open five half days a week.

The CommBank also announced at last Thursday's public hearing it would be increasing the hours of its Junee Branch to five half days a week, a stark turnaround from just six months ago when the branch had been set to close.

CommBank regional general manager for NSW and the ACT Norm Swift told the panel the bank would advertise to fill the positions created by the increase in trading hours.

Mr Swift said realistically this could take between "four to six weeks, depending on how quickly we can find people".

In July, CommBank committed to keeping all of its regional branches open until at least the end of 2026.

The inquiry has now also extended its deadline for receipt of submissions until May 2024.

When Gundagai's bank shuts on Tuesday, the town will be left with just the Bendigo Bank branches.

For more information about the inquiry, visit aph.gov.au/Parliamentary_Business/Committees/Senate/Rural_and_Regional_Affairs_and_Transport/BankClosures

*This story originally reported Gundagai would be left with just Westpac and Bendigo Bank branches following the closure of NAB, however the town no longer has a Westpac branch.

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