Senator Gerard Rennick is interviewed by ABC's Steve Austin about the state of banking 11.07.23

As a result of the Senate Banking Inquiry, the Comm Bank’s has announced a three-year moratorium on closures of regional branches. While this is a positive step I believe they are just kicking the can down the road before they try to close branches again. Banks have a social license to service the community and should honour it.

There is real need for banking reform in this country, at both the retail and wholesale level. Serious consideration should be given to re-starting a public bank and insurance office, similar to the former Commonwealth Bank and State Government Insurance offices that would commit to keeping branches open. The bank can also offer longer term loans of 10-20 years for homeowners as well as tax-free savings accounts in lieu of Superannuation.. The Federal government should look reinsuring itself rather than underwrite private insurance companies to the tune of $10 billion. Forty percent of insurance costs are reinsurance costs paid offshore. It’s another way in which our government is allowing profits to go offshore, rather than use its sovereign powers to retain profits in Australia.