The Australian landscape is changing, and not just the natural one. Our financial infrastructure is undergoing a significant transformation, with the convenience of cash access being a notable casualty.

Since 2019, more than half of Australia's ATMs and one-third of bank branches have closed, leaving many Australians, particularly seniors and those in rural areas, facing new challenges in managing their finances.

The disappearance of over 200 bank branches last year is a stark reminder of the shift towards digital banking.

This trend is not just a metropolitan phenomenon; the Canstar analysis reveals that 230 branches closed in the 2024 financial year, impacting communities far beyond the city limits.

For those living in remote areas, closing a local branch or ATM can mean hours of travel to perform basic banking tasks.

Over half of Australia's ATMs and one-third of bank branches have been closed since 2019, impacting cash users and the elderly. Credit: Shutterstock

Sally Tindall, Canstar's data director, highlighted the disparity between closures in populated areas with alternatives and those in the outback, where the impact is far more profound.

‘That said, if you ask anyone who was relying on those 52 branches to do their day-to-day banking, they won’t exactly be chalking this up as a win,’

‘Cash might not rule the roost any more, but there’s still plenty of Australians that rely on it as a way to pay for things,’

The convenience of digital payments is on the rise, but this shift comes with problems.

For instance, when the Westpac app and online banking services crashed, customers were left in the lurch for days, unable to access their accounts.

Moving away from physical banking facilities poses a challenge for the less tech-savvy and for businesses in regional and rural areas that still rely on cash transactions.

Recognising this, Commonwealth Bank, Westpac, and ANZ have committed to maintaining their regional branches until at least the end of 2026.

Despite this commitment, the numbers are telling: 52 regional branches closed last year, following a year when 112 branches were shuttered.

While the rate of closures may have slowed, the loss is deeply felt by those dependent on these services.

Cash may no longer be king, but it remains a crucial part of daily life for many Australians.

Fortunately, the Bank@Post service, offered at 3,428 locations, provides a lifeline.

It allows Commonwealth Bank, NAB, and Westpac customers to conduct banking at their local post office.

This service has been particularly resilient in remote areas, with no closures last financial year and even an opening in one remote location.

The state-by-state breakdown reveals that Western Australia experienced the most significant percentage loss of bank branches, while New South Wales saw the highest number of branches close.

On the ATM front, the Northern Territory has fared better than other regions, with a slower rate of loss and even a small increase in machines last year.

Despite the $107 billion withdrawn from ATMs in the last 12 months, as reported by the RBA, the trend towards digital banking is undeniable.

As we navigate this transition, banks, government, and regulators must work together to ensure all Australians can access the financial services they need.

Key Takeaways

• Over half of Australia's ATMs and one-third of bank branches have closed since 2019, affecting cash users and the older population.
• While bank branch closures in significant cities have decelerated, 230 branches still closed in the 2024 financial year, impacting regional and rural communities.
• Commonwealth Bank, Westpac, and ANZ have committed to maintaining their regional branches until at least the end of 2026.
• Despite the decline in physical banking facilities, Australians withdrew $107 billion from ATMs in the past year, indicating that cash remains important for many.

Have you been affected by the closure of your local bank branch or ATM? How have you adapted to these changes? Share your experiences and tips with fellow readers in the comments below.

 

[Buzzy]

Simple- when the systems crash (including the card readers too) without cash, you can't purchase without cash.

 

[Ronloby]

ATM and branch closures are about making a BIG profit for the banks. They do not care about the people and their savings and how they do their day-to-day shopping also, there is a loss of jobs for banking staff.

 

[Fat&fancy]

With the recent outages of Westpac & St.George I hope this gives people the clarity to realise CASH IS KING if we end up cashless, we're f*cked! it will all be about control then.

 

[mOiOz]

With the recent outages of Westpac & St.George I hope this gives people the clarity to realise CASH IS KING if we end up cashless, we're f*cked! it will all be about control then.

EXACTLY!

 

[mylittletibbies]

How generous of the banks to delay closing regional branches until the end of 2026, what then??
Can't even keep your money under the mattress these days because soon there'll be nobody accepting cash if the banks have their way.
The world's gone crazy!

 

[Rockyd]

Australians withdraw $107 billion.!!! The bank charges on all those withdrawals is amazing & going straight into the banks' greedy hands. Withdraw one lot of cash out at least once per week & use that for the week. Just top it up once per week. The damn banks can't use your money to make them more if it's not in their bank.

 

[mylittletibbies]

How generous of the banks to delay closing regional branches until the end of 2026, what then??
Can't even keep your money under the mattress these days because soon there'll be nobody accepting cash if the banks have their way.
The world's gone crazy!

 

[Veggiepatch]

Bank@Post is a bandaid solution as it doesn't provide full in-branch bank services.

Try getting a mortgage, personal loan or insurance from a post office!

 

[Jan Purcell]

Absolutely mad, bloody technology again, my pay and many others have their pay put straight into the bank, and every fortnight I pull some money out to live on, and I get a receipt to say how much I have in the bank. If we go cashless, how are we to know how much we have left in the bank. Also it's a real pity that they got rid of a lot of bank tellers, so those poor workers have to look for another job if they can get one. Nothing but greed these days.

 

[MarianCatherine]

I just wish the banks, would stop calling themselves 'Banks', they no longer operate as banks, It would be better to go to the post office and draw out all but one dollar from our accounts, so we will feel safe with the money in our hand.

 

[grundig]

Last week I went in to the city CBD
The 2 ATM ( ANZ) had disappeared so I had to walk the 3 blocks to get money from the bank.
I have a problem with my heart which makes me short of breath. I was directed to their inside ATM,It took some time to follow their instructions and I left without my cash.

Some time ago I was in a very small town, no ATM. Inside the ANZ I waited in the long line for the teller to unlock a drawer to get out my cash. Where are the Covernment in all this???
Barb

 

[Viellarde]

I just wish the banks, would stop calling themselves 'Banks', they no longer operate as banks, It would be better to go to the post office and draw out all but one dollar from our accounts, so we will feel safe with the money in our hand.

The amount is limited at most Post Office agencies because they don't carry a lot of cash.

 

[Dynamo]

Simple- when the systems crash (including the card readers too) without cash, you can't purchase without cash.

Good point.

 

[Dynamo]

Australians withdraw $107 billion.!!! The bank charges on all those withdrawals is amazing & going straight into the banks' greedy hands. Withdraw one lot of cash out at least once per week & use that for the week. Just top it up once per week. The damn banks can't use your money to make them more if it's not in their bank.

That's what I aim for too

 

[Luckyus]

There's a reason why they are called Bankers?

 

[Ebby]

l have my pension put into ANZ bank l use Pay Anyone to t

Australians withdraw $107 billion.!!! The bank charges on all those withdrawals is amazing & going straight into the banks' greedy hands. Withdraw one lot of cash out at least once per week & use that for the week. Just top it up once per week. The damn banks can't use your money to make them more if it's not in their bank.

My pension goes into the ANZ bank and l transfer money by 'pay anyone' into my NAB bank and l don't pay any bank charges for either. NAB have been really good and even reimbursed me for a scam transaction l had a while ago when l got on line with who l thought were a UK branch about getting a new birth certificate.

 

[Luckyus]

I can understand I suppose why young blokes don't like wallets with money in them, They don't want the bulge at the back to be bigger than the bulge in front.

 

[magpie1]

Once cash is withdrawn from society you no longer have total control over your hard earned money and how you wish to use it....the banks will tell you what options you have and how you are to use their facilities and business houses are in for the same treatment of course. The banks will control so much financial usage it is frightening and when their banking system breaks down or it is hacked or their is a major electrical breakdown then all purchasing stops as does all retail selling and small, medium banking ceases etc. OH and the those bastards at the banks have a massive headache as well because they will lose millions by the hour until all is rectified. God help us all, and may all of the banks go to HELL.

 

[Jan Purcell]

I would like to know who own these banks?