Multiple banks have recently closed in the Kimberley region of Western Australia, leading to a Coles store in the area being forced to stop issuing cash-out for customers. A Bankwest branch in the regional town and two other branches within Western Australia closed in August 2022, a measure which has now been declared permanent. Additionally, Westpac Bank and National Australia Bank also shut their doors in late 2022 due to staffing issues.
As a result of this, a Coles spokesperson noted that a higher demand for cash-out prompted the decision to pause this option at the Kununurra store. The store is not operationally equipped to handle large volumes of cash at this time. Bankwest, which is moving towards digital banking, has also closed two other branches in Perth as they focus on a digital future, with the majority of transactions now taking place online.
The closures of these banks have left communities in regional and remote areas increasingly reliant on their local post offices for access to cash. Australia Post has expressed concerns about finding individuals to work in these areas and has emphasized the continued need for cash services, especially since many customers still rely on and prefer using cash. The trend of bank closures in Australia has been on the rise, with 424 branches and 718 automatic teller machines (ATM) closing during the 2023 financial year, significantly impacting regional and remote areas.