Banks Axe 155 Branches, Rate of Closures Slowing Over Past Financial Year
The decline of traditional banking continues, with 155 Australian bank branches closing in the past financial year, according to new figures from the nation’s banking watchdog.
Over the last five years, 1,564 branches have disappeared nationwide — a clear sign of the shift toward digital transactions and cashless operations.
While the rate of closures has slowed, the impact remains significant, especially for customers in regional and remote areas.
Commonwealth Bank Leads the Closures
The Commonwealth Bank topped the list, closing 49 branches, representing 7% of its network in the past year.
Other major players followed closely behind:
ANZ: Closed 21 branches (7%)
Westpac: Closed 25 branches (5%)
NAB: Closed just three branches
Across the board, regional closures dropped slightly to 24, compared to 33 the previous year, while only five branches closed in remote areas.
ATM and Post Office Services Also Declining
The shift isn’t limited to branches. An additional 333 bank ATMs were removed during the same period, cutting off another key service for cash-dependent customers.
Even Bank@Post, the long-time fallback option for many regional communities, saw a decline — with 62 post office banking services (2%) shutting down nationwide.
The Growing Digital Divide
Canstar data director Sally Tindall described the closures as a reflection of Australia’s ongoing digital transformation but warned that some communities risk being left behind.
“While the pace of branch closures has slowed, it’s little comfort to those whose local branch has shut up shop,” Tindall said.
“As banking goes increasingly digital, there’s no doubt more customers are happy to tap, click, transfer and apply online instead of queuing at a branch. The challenge for banks is making sure no one is left behind in this shift.”
Regional Impact and the Future of Banking
In February, the big four banks pledged to keep regional branches open until at least mid-2027, offering short-term reassurance to affected communities.
However, long-term uncertainty remains, particularly in smaller towns where the local post office may now be the only place for residents to deposit cash, withdraw money, or pay bills.
Despite Tasmania being spared closures last year, Bendigo Bank recently announced a wave of new shutdowns across regional Victoria and Tasmania — signaling that the trend may continue into the new financial year.
Key Takeaway
While the rate of bank branch closures has slowed, Australia’s move toward a fully digital banking landscape appears inevitable. For now, the focus remains on ensuring accessibility — especially for rural Australians — as physical branches gradually disappear.
