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This submission is made to the Australian Competition and Consumer Commission (ACCC) on behalf of a broad coalition of consumer advocacy groups from across the country: CHOICE, Indigenous Consumer Assistance Network, Mobstrong Debt Help, Financial Rights Legal Centre, Financial Counselling Australia, Consumer Action Law Centre, Consumer Credit Law Service Western Australia, and the South Australian Financial Counsellors Association.

The coalition does not object to the Australian Banking Association’s application, nor the proposals for which it is sought.

However, while these proposals are worth pursuing, there is no basis for the Federal Government or its regulators to believe that voluntary, opt-in, industry-led initiatives will reverse the damage done by a decade of industry-led branch closures.

We have proposed a number of conditions which we believe the ACCC should impose, to ensure that these industry initiatives operate in the best possible way. We have also made a number of recommendations to the Federal Government, to do their part to address the continued decline of in-person banking services around Australia.

Read the full submission and recommendations.