The Morwell CBD has been robbed of its last bank branch, with the National Australia Bank (NAB) recently announcing the closure of its Princes Drive branch. According to Advance Morwell Vice-Chair, Graeme Sennett, the Morwell community is devastated by this latest banking blow.

“Over recent years Morwell residents have slowly seen the closure of all their CBD bank branches, significantly impacting both our business community and those who rely on in-person banking services.” He said. Having been driven to move banks multiple times over recent years, Morwell residents and business people are now facing a real challenge as their last CBD bank branch closes its doors. “Despite the banks’ claims that services are available on-line and that use of over-the-counter services is diminishing, their closure poses a significant threat to Morwell’s economic stability and well-being.” Said Mr Sennett. "Over the years, our local bank branches have provided essential financial services to residents and businesses and their presence has been an integral part of our community, providing economic support, banking and employment opportunities." He added.

According to Advance Morwell, the closure of the CBD banks has disproportionately affected Morwell’s elderly and vulnerable community members who face real difficulties accessing banking services without a local physical branch. Mr Sennett said, “The impact on local businesses, who rely on these banks for day-to-day financial transactions is significant. Morwell traders now incur additional costs, security risks and time wastage as they must travel to Traralgon or Moe to do their banking.” “While we are fortunate to still have a Commonwealth Bank Branch at MidValley, it is difficult to access and requires traders to carry their cash through the shopping centre and car-park; a real safety risk” He added.

As our big banks close branches and chase profits, they are ignoring their social and community obligations, and in their wake, leave towns suffering, with empty shops, job losses and future economic development undermined. Advance Morwell has called on the NAB to reconsider their decision and explore alternative solutions to maintain a presence in our town.

Collaborative efforts are needed to preserve the economic stability of Australia’s small towns and ensure access to essential banking services for residents and businesses everywhere. “It’s time that all levels of government work together to advocate for the retention of these banking services or to seek new and creative ways to address this critical issue.

For further information contact Graeme Sennett.