Australia Post to Fill Void Made By Bank Branch Closures

Australia Post may be poised to replace retail banking services that are swiftly becoming scarce. At a Senate inquiry on Dec. 1, Australia Post maintained its ambitions to fill the void left by the nation’s prominent commercial banks in providing retail services.  “Australia Post stands ready to provide these services, and we would welcome the opportunity to work with the banks to consider how we could do this in a financially sustainable way,” a spokesperson for Australia Post told the inquiry. A submission to the inquiry from the LPO Group—an organisation representing post office licensees—has urged the government to expand the reach of Bank@Post, an Australia Post service that allows customers to conduct basic retail banking activities like depositing cash, withdrawing funds, and checking account balances. ...