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Westpac confirms more branch closures: ‘Not made lightly’


Westpac has announced it will be closing two more branches in Sydney next month.

In the past six months, the major bank closed a stack of branches across the country in both city and suburban locations.

The Westpac Group had announced it would shut 20 branches across Queensland, Victoria, NSW and South Australia this year.

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However, the bank has since confirmed it will close a further two branches in Sydney: that of Neutral Bay in the city’s east and Mortdale in the inner west.

These branches will close their doors on April 21, 2023, a Westpac spokesperson confirmed to

“The decision to close a branch is not made lightly,” they said.

“We consider a number of factors such as branch usage, customer demographics, location, and proximity to other transaction banking services, including other local branches and our Bank@Post service.

“We are witnessing a significant change to the way people are choosing to bank. Customers are using branches less, for fewer reasons, and choosing to use digital and virtual banking more often, allowing them to do their banking from home or work.

Some 96 per cent of the bank’s transactions are done digitally, the spokesperson added.

“This trend away from branch usage is consistent across metropolitan and regional communities,” they added.

The Westpac Group is shutting branches across Queensland, Victoria, NSW and South Australia. Credit: AP

The additional closures follow the launch of a Senate inquiry into why banks are shutting regional branches at historic rates and into the consequences for regional people and their communities.

Senate Rural and Regional Affairs and Transport committee chair Senator Matt Canavan asked banks to halt closures to show they were approaching the inquiry in good faith.

“Banks provide a vital service. When a bank leaves town with no way to access banking services, they leave that community behind,” Senator Canavan said in a statement last month.

“I call on all the banks to stop closing branches until they can hear how their planned closures would affect local communities and towns.”

Other banks, including ANZ and NAB, have not indicated whether they will halt closures.

A Regional Banking Taskforce set up by the former Coalition government found vulnerable people, including Indigenous communities and elderly and disabled people, were worse off when local banks closed.

Submissions to the Senate inquiry close on March 31, with the committee to report back by the end of the year.

– With AAP

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Source: 7News