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 . . .
Could we as a Club get together and put in a few formal objections to a cashless society?

Our opinion is stated and clear. Digital banking and the reduction of ATM's machines are a disadvantage to us as seniors. Also to people in general. Ex: Pocket money for kids, paying for kid's little tasks, giving a dollar to an extended hand. It will change values on our society, turning people into a cold community that rather than shake a hand on a small did will be pushed to rely on the click of our digital equipment.
Let's get together.
We ARE together, in so many ways.
Only trouble is that the ones who are supposed to listen to us simply don't or don't want to while they're building up their own little(?) nest eggs.
I would dearly love to know just how much our politicians (of all three levels) cost us yearly. Then add in the public servants in their departments.
Then toss in their superannuation and pension payments ... the answer would be breathtakingly huge.
 
  • Like
Reactions: Ezzy and 7777
It must feel great thinking you are the only sane one among us all ?
Old saw: "The whole world's a little queer, except for thee and me. And even thee's a little queer, which can't be said of me."
Queer in the original meaning, not the later one.
 
I have been a member of Beyond Bank for 50 years and had no trouble at all, when I go in they treat me in a real friendly way and any help you need they are quite efficent in helping you out.
 
  • Like
Reactions: tlecornu
My question to Westpac is, can they say that there will be no more computer faults that stop people from buying their groceries. If Westpac cannot promise this, then you will need cash for living purposes otherwise Westpac will lose customers. Why don’t you adjust the CEO salary? You have already posted a 7 billion dollars profit for 2024. How much more does Westpac want?
 
  • Like
Reactions: 7777
Our MP Bob Katter has spoken in Parliament about this issue. Quite eloquent too on this occasion (Sorry Bob!). Also, National Seniors is vocal on the issue, and you can get 'Keep Cash" stickers from them to decorate your car should you choose to do so!!! Personally, I am trying to use cash where I can, and in particular, where a business charges a surcharge for using a card! It upsets me that we have had 2 banks close in our nearest shopping centre, and take their atms with them, replaced by a single atm which charges $3 for a withdrawl of cash! What a rip off! If you only want $50 that is a 6% fee!
 
  • Like
Reactions: 7777 and Hylda
At the retirement village I livecin we need cash for internal use as do not have eftpos machines? Imaginecthose in aged care wouldcprefer to use case too for shopping rather than give their card to a care worker to purchase itemscoutside the gacility. Presentday bankers arectoo young to realise there are people whomhave a need for cadh!!!
Banks are like politicians, by and large they don't give a crap.
 
This is yet another example of commerce greed. People still need cash for certain things and there are many seniors who don't understand the digital world. It's very, very wrong. As for going to the Philippines, does this mean we have to try and interpret yet more Asian accents, which is very stressful.
I'm disgusted at the greed. The absurd salaries of CEO"s nowadays is totally unjustified - no one person is worth that much just to squander on unnecessary items while others are struggling to put basic food on the table and heat their homes. When is this going to end?
 
I prefer cash to help the small businesses, why would I pay surcharge in using a debit card and credit card? The bank even rip you with admin fees. Seniors have to fight back against cashless payments. It’s more like to control us how we spend our money. There are banks owned by its members like Heritage Bank, IMB, Teachers Mutual.
 
  • Like
Reactions: 7777
It is all about the bank's bottom line and their CEO's pay rise. They don't care about their customers one bit.
 
  • Like
Reactions: 7777
If Westpac is having a 5% CUT IN STAFF, maybe a 5% cut in charges should follow or maybe a 5% addition to the interest rate for customers funds.
 
  • Like
Reactions: 7777
One wonders of the entitled controllers who manages the banks for it's shereholders profit, have any empathy for the less fortunate, the charities and homeless people on the streets, what do you consider the answer it here? There need is greater than yours, you can't throw your credit card at them!! We understand as a manager you have to perform so your leadership thinks you're the Best manager, but pride has no place in our society, your making life more difficult for the people left behind, including the aged population.
 
  • Like
Reactions: 7777
This is still a form of dictatorship for everyone, and that’s not what our diggers thoughtful but to have a free speech and freedom to choose what everyone wants. Not to be told what to do all the time. People need to be able to do what ever they wish with what they have.
 
  • Like
Reactions: 7777 and June E
Unfortunately, there are things that change, which initially cause us some concern but we do get over them. Remember cheques? they no longer exist because we are used to electronic banking. I am sorry for the bank staff who have lost their jobs and for those who will in the future. It is not as bad as you might think. I was in the banking industry for 40 years and honestly, when I changed position to a completely unrelated industry my whole life improved. The pressure that the banking industry imposes on their staff is really extreme. Even day to day living is awkward when you are asked, "what do you do for a living" and the answer is, "I work for a bank"/ The responding looks are suggesting, "oh yes, one of them". We will (and it will happen) get over cash. Just as we got over cheques. It is a good feeling to have a few notes in your wallet when you go anywhere but it will become a norm for the next generation to have a good feeling about electronic cards in their phone.
 
Our Westpac closed their space here but then opened up with another bank just a different window. I don't know if it is still the same now as I haven't been in that street for a while.
 
I believe that using cash actually saves me money. If you go to a shop and use a card, there is a 20-40 cent surcharge per transaction. Just say I go to the local pub and have 5 beers, there is an extra $1-2 for the afternoon. My local bakery charges 40c for cards. If I buy 2 bread rolls @80c each, costs me $2.
No one can tell me using the card is better. Lets all join in and stop the rot setting in!
I agree but how do we stop it ??? join what group ???
 

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.

Seniors Discount Club

The SDC searches for the best deals, discounts, 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.
  1. New members
  2. Jokes & fun
  3. Photography
  4. Nostalgia / Yesterday's Australia
  5. Food and Lifestyle
  6. Money Saving Hacks
  7. Offtopic / Everything else
  • 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×