28/08/2025

Shadow Assistant Treasurer and Shadow Minister for Financial Services Pat Conaghan welcomed comments from Commonwealth Bank CEO Matt Comyn that appeared in the Herald Sun ahead of Friday’s Bush Summit. Mr. Comyn acknowledged that the regional banking levy should still be on the table and that tax concessions were a natural approach to try to make regional areas as attractive as possible for people with the right skills to fill the current regional workforce deficits.

The article quoted the Big 4 Bank Boss as stating, “Clearly government would be giving some consideration to [the regional banking levy]” and that he was “not surprised” when it was first proposed by the government last November.

Regional communities have faced an accelerated decline in the physical footprint of banks and financial services over the past decade, with Bendigo Bank most recently calling it quits in a number of communities that have now been left with nothing. The ongoing closures and lack of a viable solution have left many in distress, particularly older Australians, farmers and the small business community.

The proposed regional bank levy was to be imposed on all financial institutions and redistributed as a benefit to those institutions that keep services open in regional areas. The proposal was subsequently put on hold by Labor when the big four banks committed to a moratorium keeping existing regional branches open until 2027. The moratorium has done nothing to deter smaller institution from closing branches, such as Bendigo Bank.

“To have the boss of the country’s largest bank admit that a levy solution should still be on the table for Governments in order to sustain branches and banking services in regional communities is of course a welcome thing,” Mr Conaghan stated.

“I note that he didn’t go so far as to say that he agreed with the principle. But I’ll take the acknowledgement as him conceding that it is a viable idea and a likely outcome. He’s right, the regional bank levy proposal won’t be going away and I will personally continue to push for its implementation, alongside my National Party colleagues.

“Access to banking and financial services is a right, not a privilege. Online banking is not a solution that caters to all Australians. And as always, the regions are the one hardest hit when services are cut.

“Bendigo Bank’s recent losses could have been stemmed if the levy had been swiftly introduced, but instead those communities that relied on Bendigo as their only institution have been left completely unprotected.

“If the Commonwealth Bank are ready and waiting for levy, as Mr. Comyn’s comments suggest, then others should also be on notice.

“In relation to tax concessions that attract crucial personnel and businesses to regional areas, The Nationals have been pushing for this for some time. Crucially underserviced areas such as health, aged care, childcare and policing should be first on the list.

“These policies are firmly on the table. As the Shadow Assistant Treasurer and Shadow Minister for Financial Services, I will do everything I can to see them become a reality.”