NEW Member for Monash, Mary Aldred, has used her first opportunity to make a ‘Statement by Members’ to heap further pressure on Bendigo Bank and the government over the closure of bank branches in regional areas.

Speaking in the parliament on Thursday, July 31, following her first speech the previous Tuesday, Ms Aldred made special mention of the “fine advocacy” of the Korumburra Roundtable to the Senate’s ‘Bank Closures in Regional Australia’ inquiry in May 2023 and called on the government to respond.

“I rise today to speak on the importance of banking facilities in regional communities. Bricks-and-mortar banking in our regions is critical for small businesses, for older Australians, for people with a disability and for anyone who simply can't travel to the next town down the road.

“The Bendigo Bank recently announced it would close its Korumburra branch in South Gippsland. This is a terrible outcome for our community and one that demands the opportunity for broader national focus.”

Ms Aldred went on to say that despite receiving 600 submissions the government was yet to respond a full year the inquiry’s report was handed down.

“There were eight specific recommendations aimed at addressing what was described a growing humanitarian crisis in both regional areas and capital city suburbs. It is over a year since the inquiry's report was handed down, and, according to the Finance Sector Union, in that time we've seen branches close at a rate of two to three per week.

“On behalf of residents in South Gippsland, who are about to have their last remaining bank branch closed, I call on the Albanese government to get its act together and respond to this report.”

Members of the Korumburra Round Table have again responded and joined forces with both the the Korumburra Community Development Association Inc and the South Gippsland Shire Council to form the Korumburra Save Our Bank working group in an effort to have the same outcome they did in 2021 – save the bank.

Both the roundtable and the shire made submissions to the banking inquiry of 2023/24.

In summary, the roundtable said the consequences of closure of Korumburra’s last remaining bank would include the following:

• Directs business/shopping away from Korumburra
• Discourages new businesses opening in Korumburra
• Undermines business confidence
• Especially disadvantages the most vulnerable members of our community, including elderly and disabled residents, and places a significant impost on community groups and businesses
• Increases cost of banking for all residents, businesses, and community groups
• Bank branches and their staff have always been an integral part of our community and provide an essential service
• The Korumburra community has its own unique character and prefers to support and shop within its own town
• Undermines our shop local campaign

They said banks provide an essential service to regional communities. Of particular concern, they said, was the lack of consultation or community engagement that has preceded closure announcements in our town, the banks’ focus on profits in their decision making, and their failure to consider the devastating economic and societal implications of bank closures on regional communities.

The council’s submission was in a similar vein, saying lack of access to banks impacted the vulnerable, elderly and marginalised most. It forced people to travel large distances when they needed to access face-to-face banking services, and adversely impacted small business and volunteer organisations.

Welshpool bank agency to close

On July 2, 2025, Bendigo Bank made the following announcement: “Following a review of evolving customer preferences, a reduction in business activity and an increase in costs, Bendigo Bank has made the difficult decision to consolidate or close 10 branches from August 2025.”

This included the branches at Korumburra and Yarram.

However, on July 22, 2025, it added that its agency branches would also close: “Following a review, Bendigo Bank has concluded that its agency model can no longer be supported due to decreasing customer use and other relevant factors and will be retired from October 2025.”

This included the agency at Welshpool.

Bendigo will close 10 branches Australia-wide from August 1 and a further 28 agencies nationwide in October, including the following Victorian Bendigo Bank branches and agencies:

• South Melbourne Friday, August 1, 2025
• Malop St Geelong Friday, August 1, 2025
• Korumburra Friday, August 29, 2025
• Bannockburn Thursday, September 25, 2025
• Yarram Friday, September 26, 2025
• Ballarat Central Friday, October 31, 2025
• Welshpool Agency October 6, 2025
• St Arnaud Agency October 17, 2025
• Wedderburn Agency October 21, 2025
• Wycheproof Agency October 21, 2025
• Clunes Agency October 21, 2025
• Alexandra Agency October 22, 2025
• Boort Agency October 23, 2025
• Myrtleford Agency October 24, 2025
• Marysville Agency October 24, 2025