Westpac boss Anthony Miller pledges no regional branch closures until 2030

Big four bank Westpac has vowed not to shut any of its branches in regional Australia until 2030 amid ongoing criticism of the nation’s biggest lenders over widespread closures.

Ahead of bank bosses facing a Senate grilling this week, Westpac on Sunday extended its commitment to not close regional branches from mid-2027 to 2030, following a widespread review of its operations.

This will also include more than $65 million to renovate 50 regional branches across the country and a new regional community banking service with local councils.

Under a pilot program with an east coast council, mobile banking services will visit three towns on a regular basis for face-to-face banking needs, with plans to grow over time.

Westpac, the nation’s second-largest bank, believes regional Australia is an “untapped opportunity” to drive further economic growth.

“Strong regional communities are vital for a strong Australia, and we want to make sure these areas have access to the services they need to prosper and grow,” chief executive Anthony Miller said.

“We’ve conducted a coast-to-coast review of our services and are increasing our investment in key areas to help build stronger regions.

“While our biggest cities struggle with population growth, regional Australia is struggling to achieve the growth needed to achieve equivalent economic outputs. Targeted investment is therefore needed to build immediate momentum.”

News of the decision from Westpac comes amid debate over a proposal for a levy to encourage the big banks to keep regional branches open. A Senate inquiry last year concluded that self-regulation of the big banks had failed regional Australia.

Mr Miller separately on Sunday backed in gas as critical for the nation’s clean energy transition and the expansion of the critical minerals sector, saying the bank would look to help finance the expansion needed.

“Gas is critical to the transition,” Mr Miller told The Australian.

“It’s a far more comprehensive value chain that you’re building out when you’re supporting rare earths and critical minerals, as compared to … for example, iron ore, which is then shipped over and made into steel.”