Major Aussie bank cuts 1,500 jobs, pushes cashless future

The banking landscape in Australia is changing at a rapid pace, and for many of us—especially those who value face-to-face service and the security of cash—these changes can feel unsettling.

In the latest move towards a 'digital first' future, one of the country’s largest banks has announced plans to cut up to 1,500 jobs in the coming months.

This follows a wave of branch and ATM closures across the nation, leaving many Australians wondering: what does the future hold for traditional banking, and how will these changes affect everyday people, especially seniors?


Westpac’s decision to slash 1,500 jobs marks its largest round of redundancies in ten years.

This comes hot on the heels of 900 full-time roles being axed just months ago.

According to reports, Westpac’s Chief Executive Anthony Miller has asked managers to prepare for a 5 per cent reduction in staff across most teams, as part of a broader cost-cutting and 'simplification' strategy.


1747789296094.png
One thousand five hundred jobs set to be cut by Westpac in the biggest round of redundancies in a decade amid digital banking shift. Credit: CraigRJD / iStock


While the bank says it will continue to invest in customer-facing roles—such as home finance and business managers—other areas are being streamlined or automated.

A Westpac spokesperson explained: ‘As the skills and capabilities required in banking continue to evolve, so will our workforce.’

This latest round of job cuts is just one part of a much larger shift in the banking sector.


Over the past seven years, the number of bank-owned branches and ATMs in Australia has more than halved.

According to the Australian Prudential Regulatory Authority, there were 19,508 branches and ATMs in 2017; as of June 2024, that number has plummeted to just 8,836.

In the last financial year alone, 926 ATMs were removed, and 230 bank branches in major cities and 52 in regional areas have closed their doors.

Even Australia Post outlets that offered banking services are not immune, with 63 closing in the past year.

Westpac and Commonwealth Bank have been key players in this reduction, and the trend shows no sign of slowing down.

Bankwest, a subsidiary of Commonwealth Bank, also recently laid off 58 employees as it transitions to a fully digital model.


For many older Australians, the closure of local branches and ATMs is more than just an inconvenience—it’s a real barrier to accessing essential banking services.

Not everyone is comfortable with online banking, and for those living in regional or remote areas, losing a local branch can mean a long drive just to withdraw cash or get help with an account.

There’s also the issue of digital literacy and security. Many seniors are wary of online scams and prefer the reassurance of dealing with a real person face-to-face.

The move towards a cashless society can feel like being left behind, especially for those who rely on cash for budgeting or simply prefer it for everyday transactions.

In response to these changes, a growing number of Australians are pushing back.

Advocacy groups like Cash Welcome have urged people to withdraw cash from their local branches and demand that cash remains a viable payment option.


The movement has gained traction, with many arguing that a cashless society could exclude vulnerable groups, including seniors, people with disabilities, and those living in areas with unreliable internet access.

Banks argue that these changes are necessary to keep up with customer preferences and technological advances.

They point to the rise in online and mobile banking, which has surged in popularity—especially during the COVID-19 pandemic.

Westpac, for example, says it is investing in modernising its infrastructure and focusing on digital services to reduce long-term costs.

However, critics say that the rush to go digital is leaving some customers behind.

While banks claim to be hiring in certain areas, such as home finance, the overall trend is clear: fewer branches, fewer ATMs, and fewer staff.


If you’re concerned about how these changes could impact you, there are a few ways to stay prepared.

Start by keeping up with updates from your bank about any branch closures or service changes.

Take advantage of free digital banking workshops or support sessions many banks offer to help you get comfortable online.

If your local branch has closed, Australia Post’s Bank@Post service still allows for basic banking at participating post offices.

And if you prefer cash or in-person service, don’t stay silent—let your bank know, join advocacy groups, or contact your local MP to ensure your needs are heard.


In other news, Westpac is relocating 190 jobs to the Philippines despite reporting a $1.7 billion profit, drawing criticism from the Finance Sector Union over potential data security risks.

While Westpac defended the move as part of workforce adjustments with employee support, staff remain concerned about data breaches and damaging the bank’s reputation. You can read more about it here.
Key Takeaways

  • Westpac is set to cut 1,500 jobs in the coming months as part of its push towards digital banking, marking the biggest round of redundancies in a decade.
  • The bank's move follows the closure of hundreds of ATMs and branches nationwide, with the total number of bank-owned ATMs in Australia more than halving over the past seven years.
  • Most of the affected jobs are based in New South Wales, with additional losses in other states, as Westpac and other banks continue to shift towards a digital-first approach.
  • The reduction in branches and ATMs has sparked a pro-cash movement, with some advocacy groups urging Aussies to continue using cash to ensure it remains an accessible payment option.
Have you been affected by these changes? Do you prefer to use cash, or have you embraced digital banking? What would you like to see from the banks to better support seniors? Share your thoughts and experiences in the comments below—your voice matters!
 
Last edited:

Seniors Discount Club

Sponsored content

Info
Loading data . . .
I definitely prefer cash - it is cheaper, and far less susceptible to scams!
And then there is the 'surcharge' on some electronic transactions. Currently I am (briefly) in Coral Bay, WA. There is one ATM - when it works. It's not affiliated with any bank, so there is a surcharge on all withdrawals. Alternatively, you pay with your credit or debit card - and every shop in which I have done so has also charged a surcharge.
That's why the banks and some businesses like the idea of a cashless society - it increases their profits.
 
Disgusting, gradually our freedom of choice is being eroded away especially by big banks who make millions of dollars in profit whilst sacking employees and destroying lives. The Commonwealth Bank in Murray Bridge which is a RURAL CITY TOWN now opens at 9.30am and closes at 1pm. This is really frustrating for RURAL PERSONS ESPECIALLY WHEN THE AUTO TELLER IS OFTEN DOWN !!!!!!
 
I prefer to use Cash so I know what I have to spend. Paying with card you could end up spending more than you intended. Also, how about things like buying at road side stalls (regional) or putting some money in a charity box, or buying at the local fete or market etc. Why can't we have both???
I think it outrageous that we have to pay a surcharge if a card is used, we didn't ask for this to happen.
 
Thank goodness I don't bank with Westpac. Why on earth would anyone in Australia want to talk to someone in the Philippines. The language problem is bad enough when you front up sometimes let alone when you phone. It should not be too hard to expect to talk to someone with decent english with an understandable accent otherwise it is a complete waste of time.
Cash definitely needs to stay.
You'll find that most English speakers in the Philippines have American accents... and are more understandable that most Asians.
 
Many years ago my Granddad was aghast to hear that pocket calculators were allowed in high school. Why I asked him?
Why? he exclaimed breathlessly. What happens when the batteries die? What happens when no one can think without these things when the battery/ies die?
He was back then a Skipper for a harbour tug with 20 years Pacific Is skippering a freighter using a sextant and did not believe in electronic huge bench top Sat Navs just hitting the market, what happens when the batteries/power dies?
Fast forward about 30 years and I am in a shop and the sales assistant, a pretty girl, a young pretty girl is in a tiss because the cash register has broken down and she is frantically looking for a pocket calculator to find out how much change from $20 when my purchase was $18.35.
The change, which I worked out in my mind very quickly, is $1.65 I inform her calmly and politely. No No it's ok she said I will find the calculator and she did and press a few buttons and so happily like she won a few billion in lotto what my change is.

Fast forward about 15 years to recently to when Opus had a nationwide network broken down and no one can pay for stuff because cash is frowned upon.

Both of the above have lessons to be learned but not heeded.
 
Last edited:
I prefer to use cash as do many senior friends of mine. Our over 65s club uses cash for collecting for outings. We use it to play bingo and for giving change for raffle tickets to raise money for various charities. It’s horrible that Westpac is laying off Australians to go off shore. I have no desire to talk to people from the Philippines or any overseas country! I will change banks if this goes ahead.
 
So the digital era seems to be progressing fairly fast doesn’t it…..There are so many jobs lost and so many companies falling in face of progress. What on earth are all the people who have lost their income streams supposed to do. Bills still have to be paid if you’re lucky enough to have a roof over your head, but who’s going to pay them. And if you have nowhere to call home, how do you survive. I’m a pessimist at heart, always have been…..always expecting the worst and get a happy surprise when I’m wrong, although I’ve kind of mellowed a bit in my twilight years. But, I can see a time, in the future, when jobs will become redundant in the face of ever evolving artificial intelligence….(although we might still be needed for manual or farming work) and any money we might need will be in the form of tokens, which will of course be regulated by whatever the powers that be, in the future……..sounds very dystopian doesn’t it, my version I mean……..Truth be told, I would love to come back in spirit form, or access a Time Machine if anyone’s got on handy, and see how the future looks, even 100 years from now….. and hope I’m pleasantly surprised 🙄 :LOL::LOL:
 
  • Like
Reactions: Ezzy and 7777
I am an elderly lady who is not very computer smart andlike to go to banks to speak to someone when I need help I rarely use machines unless there is no other way of doing anything, but I am getting tired of BANKS CLOSING DOWN AND LAYING OFF PEOPLE SO THEY CAN KEEP ON MAKING A FORTUNE and causing others a big problem, I rely on doing cash transactions as much as possiuble and this idea of DIGITAL EVERYTHING is frustrating and so easily broken ionto look at all thepeople who have had the money taken by computer creeps, please keep banks open as many of us do not like computers and are too old to learn anew language of tech..
 
WHAT'S WRONG WIYH OUR BLOODY POLITICIANS? Why can't it be brought into law that businesses MUST use cash, with plastic as an option? They're quick to legislate on things when it suits them, but apparently those who elect them are wiped like a dirty bum. Can' t they hear the rumblings from the population? Of course, the next election is a long way off now, for which their retirement benefits funds will love them (and vice versa).
 
Last edited:
At a Specialist's office recently when handed the account l asked if they accepted cash. The reaction was better than expected when the receptionist excitedly replied, 'yes'.

My Credit Card has been compromised many times. Recently this happened 3 times on the same day, for the same amount each time, just hours apart by one party in a foreign country. Each transaction also included a fee for the exchange rate. My bank is still sorting this out but said it could take 40 days. For that period l am out of pocket nearly $300.

I have a job which pays just $120 per month but l insist on cash payments instead of payments into a bank account. Cash is my option for as long as is possible.
 
The increased use of online banking, especially during the Covid era, has shown the banks that the people preferred online banking.
Don't they understand that people were locked up for most of that time and had no bloody choice but to use online banking.
This is criminal. I am sure that the Government, in its last term, said we would not be going cashless. Still we all know that this Government exists on telling lies. They said that cash would continue to be used in this country.
Good luck for tourists coming to Australia. I guess that industry will shut down. With our ridiculous solar n wind generated power grids, we won't be able to use online banking anyway.
All I can say is that I did NOT vote for these fools, and for those who did ( mind you, only 1/3rd of the population did), the rest of the country who didn't vote for this Government, thank you for your stupidity.
We have gone all American with our trend towards popularity politics, rather than policy politics. So sad.
" ... has shown the banks that people preferred online banking"? I would think that the people preferred to stay out of harm's way and used online banking as the best option for staying a bit safer.
 
I went into a local Westpac branch 6 years ago to open an account there. Never had a reason to go in a branch since then. Got their app to do everything on my phone and only use my phone to pay for everything.
 

Join the conversation

News, deals, games, and bargains for Aussies over 60. From everyday expenses like groceries and eating out, to electronics, fashion and travel, the club is all about helping you make your money go further.
  • We believe that retirement should be a time to relax and enjoy life, not worry about money. That's why we're here to help our members make the most of their retirement years. If you're over 60 and looking for ways to save money, connect with others, and have a laugh, we’d love to have you aboard.
  • Advertise with us

User Menu

Enjoyed Reading our Story?

  • Share this forum to your loved ones.
Change Weather Postcode×
Change Petrol Postcode×