Bendigo Bank to close Queenstown branch, leaving West Coast town without local banking

Bendigo Bank said Friday it will close four branches across Australia, including the Queenstown outlet, the sole bank branch on Tasmania’s west coast. Queenstown, a town of about 1,800 people, will lose its local branch and require residents to travel roughly 150 kilometers to Burnie for face-to-face banking, a four-hour round trip.

West Coast Council mayor Shane Pitt criticized the decision as a 'kick in the guts' for a community that relies on the bank. More than 3,000 residents have signed a petition protesting the closure. Pitt noted that although the Queenstown branch was not a major profit center, it was not in the red, and he questioned why a branch that 'was not going badly' would be closed.

Bendigo Bank said customers will be able to transact at the Bank@Post outlet next door to the Queenstown branch with no fees for at least 12 months after the closure, and the bank apologized for any inconvenience. A spokesperson emphasized the bank’s regional heritage and said, to preserve the ability to continue delivering for customers and communities, branches must be adequately supported and resourced.

Across Australia, Bendigo Bank is among several lenders winding down branches. Canstar data show up to 230 bank branches were closed in the 2023‑24 financial year, with more than 6,000 ATMs removed over the past five years. Of the 230 closures, 52 were in regional areas. Over five years, about 1,615 branches of various banks have shut their doors. The major lenders have signed a moratorium not to close any more regional branches until 2027, while a federal government inquiry into bank closures last year laid out eight recommendations, including the establishment of a regional community banking branch program to help underwrite the creation of community branches.

Locally, Queenstown is the West Coast’s last bank, and the town has only one non-bank-owned ATM that carries fees. The adjacent Bank@Post facility will be the primary in-person option for many residents, at least for the next year. The shift toward fewer physical branches reflects broader changes in the banking sector, where cost pressures and changing customer preferences are driving consolidation and a move toward digital services. Bank executives say the changes are intended to sustain service levels across regional networks, even as critics warn that older residents and those in rural areas could face reduced access to in-person banking.

Industry observers note that the broader trend toward digital banking persists as governments and regulators seek ways to maintain access in regional communities. The federal inquiry’s eight recommendations emphasize a regional approach, including support for community branches to help sustain local services. Bendigo Bank says it remains committed to serving regional customers through its network and by offering fee-free Bank@Post access for a further period, while reallocating resources to ensure the viability of its remaining branches.