Bendigo Bank to close 10 branches, leaving some regional towns without financial services
Australia's Finance Sector Union (FSU) says the closures are a "slap in the face" in areas already seeing a decline in services from multiple industries.
It comes after the federal government struck a deal with the big four banks to keep their regional branches open until at least mid-2027.
That deal was made in February 2025 in response to an avalanche of regional bank branch closures since 2017.
In Victoria branches will close in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne and Yarram.
In Queensland branches will close in Malanda and Tully North and in Tasmania Kings Meadows and Queenstown.
Bendigo Bank's Bannockburn branch is the last brick-and-mortar bank in the south-west Victorian town.
Golden Plains Shire Mayor Owen Sharkey said the impending closure felt like deja vu for locals, who were left without a bank for a year between Westpac shutting its branch in 1997 and Bendigo Bank opening in 1998.
"This is the only bank that services not just Bannockburn, but all of our surrounding township, so it's come as a very abrupt announcement," Cr Sharkey said.
Bannockburn sits within the Golden Plains Shire, which has one of the fastest growing populations of all regional local government areas (LGAs) in Victoria.
"Whenever I go in you've got four or five people waiting in [the branch], so it's not like it was a completely empty bank," Cr Sharkey said.
The mayor said it was disappointing that the community was not given more time to adapt.
"Bendigo Bank did a fantastic job with community grants in the area … the community banks would have put in close to a million dollars over that last 20 years," Cr Sharkey said.
Bendigo and Adelaide Bank Limited reported a statutory net profit after tax of $216.8 million for the half year ending December 2024.
Finance Sector Union (FSU) national secretary Julia Angrisano said the decision to close the branches was "a slap in the face" for those who relied on them.
"This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia," Ms Angrisano said.
Ms Angrisano said the union wanted to see legislation change to regulate banking as an essential service, as recommended by the Senate inquiry into regional banking that handed down its final report in 2024.
She said the union had written about the issue to local MPs in affected towns, as well as the assistant treasurer and the minister for financial services.
"It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first," Ms Angrisano said.
A spokesperson for Bendigo Bank said the company was "proud of its regional heritage" and maintained more branches per customer than any other Australian bank.
"To continue delivering for our customers and communities, we must ensure our branches are adequately supported and resourced," the spokesperson said.
The upcoming closure of Bendigo Bank's Queenstown branch in western Tasmania leaves its customers a more than two-and-a-half-hour drive from their nearest branch.
West Coast Council Mayor Shane Pitts told the ABC he was disappointed the news was already out in the community before the council was informed.
"There was a community bank and then that was handed to the Bendigo Bank, which was a few years ago now," Cr Pitts said.
"I was skeptical then that one day this bank would close.
"They assured us that that wasn't going to be the case."
He said even before the announcement of the closure, the branch was not offering a full suite of services and opening hours had been cut back.
When queried about the closure of the Ballarat branch, the Bendigo Bank spokesperson said the proximity of other branches was a factor in decision making.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Telegraph
5 hours ago
- Daily Telegraph
New Zealand's horror unemployment surge – as Kiwis ‘vote with their feet'
Don't miss out on the headlines from World. Followed categories will be added to My News. Unemployment across the ditch has reached 5.2 per cent as New Zealand businesses cut jobs because of the country's faltering economy. The current jobless rate in New Zealand is the highest it's been in almost five years, with 158,000 people unemployed in the June quarter. Wage growth has also slowed to 2.4 per cent, down from 4.3 per cent in the June 2024 quarter, according to Wednesday's figures from Statistics New Zealand. The numbers paint a grim economic picture for Kiwis and suggest more of them will look for better opportunities and higher pay in Australia. There was a net migration loss from New Zealand to Australia of 30,000 people last year – the biggest loss since 2012, and a trend that looks set to continue. Never miss the latest wealth and culture news from Australia and around the world — download the app direct to your phone. New Zealand's Finance Minister Nicola Willis said she expected the jobless figure to improve. Picture:Those migrants will likely contribute to upward pressure on Aussie house prices, while the housing market in New Zealand continues to decline. New Zealand is no longer in a recession, having recorded consecutive increases in GDP over the past two quarters, but it is still dealing with the aftershocks of the pandemic and uncertainty brought about by US President Donald Trump's tariffs. Wednesday's jobless figures will likely support another 25 basis point cut to New Zealand's official cash rate later this month, bringing it down to 3 per cent, compared with Australia's 3.85 per cent. New Zealand Finance Minister Nicola Willis said the numbers were better than forecast and she expected unemployment to come down later this year, amid $6 billion in public infrastructure investment and a new fast-track approvals process for developments. 'Now, that is not to say that we are satisfied with this rate of unemployment,' Ms Willis told reporters on Wednesday. Labour lashed out at National's Christopher Luxon over the unemployment rise, calling him 'out of touch'. Picture:'We are concerned for every New Zealander who wants a job and can't get one, and that is why we have worked so hard since coming to office to rebuild this economy. '...We have a $10 billion deficit this year, which we are forecasting will increase next year. That's because we believe it is not the right time to stop spending on health, on education, on the police. 'At the same time, we have set out a four-year plan to get the books back in balance because every New Zealander knows, you can't borrow forever.' BNZ chief economist Mike Jones described the Kiwi job market as 'really tough'. 'There are more people looking for work, or looking for extra work than there are opportunities available,' Mr Jones told NZTV's Breakfast program. He thought rising unemployment was related to last year's recession and described the country's economic recovery as 'stop-start'. 'Firms haven't felt confident in the economic environment to get going, hiring again,' he said. 'I think for the improvement that we'd all like to see in the labour market, we are looking at a picture that is probably sliding into next year.' Labour lashed out at National's Christopher Luxon over the unemployment rise, calling him 'out of touch.' 'While thousands of people are out of work and struggling to pay the bills, Luxon is looking after property speculators and fossil fuel companies,' Labour's finance spokesperson Barbara Edmonds said. She added Kiwis were 'voting with their feet' and moving to Australia to find work. Originally published as Kiwis 'vote with their feet' as unemployment surges in New Zealand
Daily Telegraph
5 hours ago
- Daily Telegraph
AFL 2025: Carlton make Michael Voss call after marathon Blues board meeting
Don't miss out on the headlines from AFL. Followed categories will be added to My News. The future of Carlton coach Michael Voss remains uncertain, with a call on his 2026 status not made at a marathon five-hour board meeting. Voss remains in the job for now with only one top Blues figure commenting on Wednesday night. FOX FOOTY, available on Kayo Sports, is the only place to watch every match of every round in the 2025 Toyota AFL Premiership Season LIVE in 4K, with no ad-breaks during play. New to Kayo? Join now and get your first month for just $1. Vice-president Patty Kinnersly, asked by Seven whether it was an important day for Voss' future, said: 'Every day is important for a football coach.' The coach left club HQ around 5:30pm AEST with the meeting completed around 7:30pm. Michael Voss leaves Ikon Park while the board meet. Picture: Glenn McFarlane It held extra stakes for Voss in the aftermath of Melbourne's sacking of Simon Goodwin. Part of the Demons' reasoning for axing their premiership coach on Tuesday was to get to market and ensure they can complete the hiring process before the off-season. And footy insiders believe the Blues could yet be pushed into making an early call on Voss, who's now viewed as the most under-pressure coach in the AFL. Seven's Mitch Cleary declared from Ikon Park on Wednesday evening Voss' future is 'well and truly on a knife's edge, despite holding a contract for next year'. Voss has a 44-42-1 record as Carlton coach but after 2023's miracle run to a preliminary final, the Blues have failed to record a September win despite premiership aspirations, and will not play finals in 2025. Goodwin presented to Melbourne's board at a meeting last week, which then decided to fire him a week later. And while it's been expected the Blues will wait to make a call until new chief executive Graham Wright takes over on August 15, the Demons' position in the market could force the club's hand. The club also has major decisions to make regarding football boss Brad Lloyd, whose future is uncertain, and their assistant coaching panel. Originally published as Blues make Michael Voss call after marathon AFL board meeting
News.com.au
5 hours ago
- News.com.au
Diggers and Dealers: Hannan Street bids farewell and so does Gold Road
Duncan Gibbs gives tearful farewell as Gold Road boss warns of exploration decline Benz and Waratah turn heads, Gorilla marketing and Pantoro's bull Who won the Diggers and Dealers Awards? Gold Road Resources (ASX:GOR) managing director Duncan Gibbs has delivered a parting swipe at roadblocks halting major mining discoveries in WA as he bid an emotional farewell to the company's historic journey ahead of its $3.7bn takeover by Gold Fields. A 3c stock before the discovery of the now 300,000ozpa+ Gruyere gold mine in WA, the company surged more than 100 times over as it built the 50-50 JV in WA's previously uncharted Yamarna Belt and caught the tailwinds of the recent gold boom. Run on the smell of an oily rag, Gold Road once sold cows from the Yamarna pastoral station to fund drilling at the discovery, 200km east of Laverton, made at a time when gold prices had crashed to ~$1400/oz and with sentiment in the gold sector close to an all-time low. Twelve years on and gold is now paying more than $5000/oz, driving historically strong cash flows across the industry. But a tearful Gibbs, who played a role in two of the other major WA gold discoveries of the past 30 years as the head of AngloGold's exploration division at Sunrise Dam and Tropicana, warned red tape was hurting the industry's ability to find another mine like Gold Road and Gold Fields' big slice of outback cheese. "Exploration is getting harder," he said late on the final day of Kalgoorlie's Diggers and Dealers conference. "Part of it is the maturity of exploration, the stuff that's sticking out the surface (has been found). "We then had a whole sequence of discoveries that were really made by just blitzing and finding surface sampling, soils or what have you and they found a whole wave of discoveries. We're now looking in belts like Tropicana, which were regarded as the wrong geology – I kind of put Hemi in that wave. " Or they're under cover like Havieron. "The other thing that is massively more complicated is the whole heritage, native title access, environmental stuff. And unless, I think, there's some creative, innovative solutions to changing that current model, the industry is in a downward decline. "And to the detriment of the industry and remote communities – and that includes Aboriginal people." Gibbs, who also claims former mentees among the exploration teams that found the world-class Hemi and Havieron discoveries, said the Gold Road story provided hope for struggling juniors in the marquee at the time-honoured Kalgoorlie gabfest. But he also said exploration and administration costs, land access issues, and the approach to capitalising the junior exploration sector needed to change. "I think capital markets have become quite short-n term thinking. "The biggest fundamental value that you can create in the industry is finding another (mine). "If you look at it from a wealth creation and Australian economy point of view, we've got to do something about the state of exploration. It's not as simple as just throwing more money at it. We actually need to sort out some of the land access issues that we've now created, particularly in Western Australia." Talk of the town A couple of juniors did emerge as bolters at the conference, with numerous punters who spoke to Stockhead looking closely at NSW copper and gold explorer Waratah Minerals (ASX:WTM) and WA gold explorer Benz Mining Corp (ASX:BNZ). Waratah surged 21.7% on no news on the final day of the event, having stunned the market with an intercept of 208.7m at 1.17g/t Au from 514m at the Spur Gold Corridor on Monday. Drilling returned multiple zones of visible gold at the Consols prospect, boosting Waratah's strike at Spur to over 1.5km near Newmont's world class Cadia gold and copper mine. MD Peter Duerden secured a fill-in speaking slot on Monday and it was very well-timed, with the stock now up 96% over the past week. "You can start to get a sense of the continuity of mineralisation here," Duerden said. "It's a real pivotal hole for us and for the gold endowment of the Spur Gold Corridor." Benz Mining's CEO Mark Lynch-Staunton drew comparisons for its Glenburgh gold project – acquired from the tent of Spartan Resources (ASX:SPR) as its head was turned to its amazing Never Never discovery at Dalgaranga – to the 500,000ozpa Tropicana gold mine. "If I'm going to make a prediction in 12 months' time this is not going to look like this, it's going to look very different," he said late on Wednesday. "If you missed out on Hemi and you missed out on Gruyere, I truly believe this will be the next multi-million ounce gold district." Fighting words indeed. Benz shares have run 14.3% higher in the past week. Gorilla marketing Also running hot has been Gorilla Gold Mines (ASX:GG8), the owner of the Comet Vale and Vivien projects in the Goldfields. Up 18%, GG8 fed its investors a fattening diet of promotional activities throughout Diggers and Dealers, including a site visit and investor breakfast. But it was the company's, quite literal, gorilla marketing that really turned heads. Spartan's 'chariots' (really rickshaws) were still doing the rounds despite its $2bn plus takeover by the more reserved Ramelius Resources (ASX:RMS). Stablemate Gorilla, which includes Spartan's Simon Lawson on its board, also went literal with a lady in a gorilla suit the hottest model on the Diggers catwalk. We have it on good authority the actor's pay packet included a $30/hr rate with two cartons of bushchooks thrown in as performance rights (Emu Export, the driller's drink of choice, for you blank-faced othersiders). Naming conventions at the explorer's growing prospect list are also getting enterprising. Harambe is reportedly one of them. Taking inspiration from Planet of the Apes, we've suggested Caesar has real potential as a target. And we look forward to riding down a future decline named after fictional Korean baseball prodigy Mr Go. Charles Hughes turned heads by presenting on Tuesday in hi-vis, having just bolted down from site. No match for $1.6bn gold miner Pantoro (ASX:PNR), whose boss Paul Cmrlec gave investors a tour down memory lane with previous Diggers slides from the Norseman gold mine owner dating back to its acquisition of the Halls Creek project in 2014 as a $15m explorer. It included a CGI render of a bull sh**ting gold bars. The space between those two words is an important distinction, investors in Pantoro will hope, after the long-struggling miner stashed away $43.3m of cash and gold in the June quarter. And the wiener is... All eyes turned to the Diggers and Dealers gala dinner on Wednesday night, which featured the forum's all important awards. Digger of the Year was claimed for a momentous second time by Ramelius Resources (ASX:RMS) after its previous success in 2020. The Mt Magnet miner, which recently closed its acquisition of neighbour Spartan, pulled in an incredible $694.9m of free cash on a record 301,664oz of gold production in FY25. It's the first two time winner of the prize. Dealer of the Year went to De Grey Mining after the Hemi gold mine discovery culminated in its ~$6bn takeover by Australia's largest gold miner Northern Star Resources (ASX:NST). It breaks a curse for Best Emerging Company award winners, previously known as a poison chalice. This year's winner of that prize came from left field, with Cote d'Ivoire explorer Turaco Gold (ASX:TCG) claiming BEC honours for its Afema gold project. Justin Tremain's $520m firm picked up Afema in early 2024. As of May it had 3.55Moz in gold resources, with the junior sitting on a 725% five year gain and $520m market cap on Wednesday. Westgold Resources and Metals X founder Peter Cook, whose cover band held court at Kalgoorlie's Gold Bar for two straight nights, won the GJ Stokes Award for lifetime achievement in the mining industry, reflecting over 30 years as a leading executive in the WA mining industry. He follows his old chairman Peter 'Talky' Newton, the 2005 winner of the award, into the Diggers equivalent of the hall of fame. The media award went to Paydirt's Michael Washbourne while Mason Calter won the Ray Finlayson Award, which goes to a high performing student at the local Kalgoorlie campus of the WA School of Mines.
