A small town in northwest Tasmania is grappling with a cash shortage just weeks after its only bank closed its doors. The closure of Bendigo Bank in Queenstown on September 30 has left residents without easy access to cash, prompting a wave of protests and community concern.
Despite a petition that gathered over 3,000 signatures, the bank’s closure proceeded, leaving the remote community in a precarious financial situation. Many residents, unwilling or unable to make the four-hour round trip to the nearest bank, have turned to the local post office for cash withdrawals.
On Wednesday, Australia Post made an urgent appeal to locals, requesting cash deposits to meet the overwhelming demand for withdrawals. A post on their Facebook page stated, ‘We need your cash please. We are nearly out of $50 notes.’ Another post urged, ‘Please deposit cash with us in the morning if you can. This helps us have enough cash for withdrawals throughout the day.’
Community Impact and Response
The closure has sparked significant concern among Queenstown’s residents, particularly affecting the town’s aging population. West Coast Council Mayor Shane Pitt expressed the community’s disappointment, highlighting the logistical challenges now faced by many.
‘It’s the last bank on the West Coast and if you want to do any face-to-face banking, it will be a two-hour drive to Burnie then two hours back,’ Mr. Pitt said. ‘We have an ageing population here and many retirees can’t drive and will need to take a full day to use the bus service to Burnie just to do their banking.’
With many retirees lacking credit cards, the reliance on physical cash has become more pronounced. The closure has left them feeling abandoned by Bendigo Bank, exacerbating the community’s frustration.
Upcoming Events and Concerns
Adding to the urgency, Queenstown is set to host ‘The Unconformity’ Festival next week, drawing thousands of visitors to the town. Locals are apprehensive about how the influx of art enthusiasts will impact the already strained cash supply.
Bendigo Bank was the last bank with a branch in Queenstown, a town of 1,808 residents. The closure is part of a broader trend, with up to 230 bank branches shuttered over the 2023-24 financial year, and more than 6,000 ATMs removed in the past five years, according to Canstar.
Of the 230 closures, 52 were in regional areas. Up to 1,615 branches of various banks have shut their doors over a five-year period.
Broader Implications and Future Outlook
The closure of regional bank branches has become a contentious issue in Australia. The Big Four banks have agreed to a moratorium on further regional closures until 2027, yet the impact of past closures continues to resonate in communities like Queenstown.
Australian Citizens Party chairman Robert Barwick, whose political party campaigned to keep the Bendigo branch open, has called on the federal government to intervene and find a sustainable solution to the banking crisis in regional areas.
The situation in Queenstown underscores the challenges faced by rural communities as they navigate the evolving financial landscape. As the town prepares for its upcoming festival, the need for a long-term resolution becomes increasingly urgent.
