Council Supports the Establishment of a Post Office Bank in Principle
19 November 2024
FOLLOWING significant debate at its Ordinary Meeting on 18 December 2024, Inverell Shire Council has given in-principle support to the establishment of a Government-owned Post Bank. This initiative, proposed by Mr Ron Thorp and supported by information from the Citizens Party, aims to provide an alternative to the current banking system, addressing concerns over bank closures and rising interest rates.
In his correspondence to Council, Mr Thorp highlighted the increasing trend of bank closures across regional Australia and the growing challenges faced by many Australians in accessing financial services. While Inverell has not yet been significantly impacted by bank closures, Mr Thorp emphasised the importance of proactive measures, stating, “If the Inverell Shire Council can agree to lend their support to the creation of a Government-owned Bank with a branch in every Post Office, it will be a step in the right direction to rectify a situation we currently have little control of.”
The Post Bank proposal advocates for a Government-owned banking institution with branches co-located in existing Australia Post offices. This concept is designed to ensure all Australians, particularly those in regional and remote areas, have reliable access to essential banking services.
After considering the correspondence and associated information, Council resolved to express its in-principle support for the establishment of a Government owned banking service. Councillors acknowledged the increasing pressure on regional communities due to the withdrawal of traditional banking services and recognised the potential benefits of a publicly owned banking model in ensuring long-term financial inclusivity.
Council’s in principle support adds to the growing momentum behind the Post Bank proposal, which has been gaining recognition across Australia for more than a decade.
Media Enquiries:
Peter Caddey / 02 6728 8288 / peter.caddey@inverell.nsw.gov.au
