Westpac has postponed the closure regional branches for the next three years.
Hinchinbrook MP and Katter's Australian Party (KAP) deputy leader Nick Dametto praised Westpac's decision to extend its moratorium on branch closures until at least 2027 bringing relief to many communities including Tully and Ingham.
In 2023 Westpac announced plans to shut down its branches in Ingham, Tully, Cloncurry and Gatton which had stirred significant concerns among residents.
Residents petitioned the decision and the branch closures were postponed while Westpac engaged in the Senate inquiry, looking into the impacts of closures of regional banks across the country.
Mr Dametto emphasised the importance of accessible banking services in regional areas, highlighting the essential role these branches play in supporting local businesses and residents.
"Maintaining these branches is vital for economic stability and community wellbeing. It ensures that individuals and businesses in regional areas have equitable access to essential financial services," Mr Dametto said.
"We must recognise that Hinchinbrook is an aging community, with many constituents who prefer good old fashioned customer service rather than being forced to go online. For them, these branches hold immense value because it's more than just banking transactions; it's about building relationships with the staff and trusting them with their finances.
"I do acknowledge that with a dynamic market and in today's virtual world banks are considering adapting to these changes however these decisions must be made with careful consideration for their broader impact on communities and it is a welcoming announcement to hear that the Westpac branches in regional and rural areas such as Ingham and Tully will remain operational until at least 2027."
The Hinchinbrook MP thanked that Federal Member for Kennedy Bob Katter, for his advocacy and negotiation efforts to ensure the Westpac branches in his electorate remained operational for several years to come.
