In Western Australia’s Kununurra town, thousands of residents face significant inconvenience due to the lack of ATMs and bank branches. This development comes in the wake of Australia’s shift towards a cashless society, resulting in many banks, including the Commonwealth Bank (CBA), National Australia Bank (NAB), and Westpac, closing their physical branches.
In the study, it is mentioned that employees encounter difficulties such as relocating, undergoing training, and ensuring security, leading them to cease operations in Kununurra. The distances involved are approximately 500 miles, necessitating residents to move to access banking services from the nearest town. Previously, obtaining cash was effortless by withdrawing it from the nearby Coles supermarket; however, this option has since become unavailable due to increased demand.
A significant decrease in the number of brick-and-mortar bank branches operated by the Australian Prudential Regulation Authority (APRA) has been signaled. This reduction is primarily due to a decline in traditional banking activities such as ATM usage, check cashing, and teller transactions. Over 424 bank branches with attached ATMs closed down across Australia between June 2022 and June 2023.
The location of Kununurra raises the query of Australia’s readiness for a cashless future, particularly in remote areas where urban centers are not present.
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2024-04-21 04:23