"Though there's probably been more closures in the outer suburbs than the towns and regions. People think this is an issue for the bush, but the outer suburbs have done worse off than us.
"So yes, we have to praise the government for this initiative. As well as all those who rose up in righteous anger over the closures – just as they did for the cashless proposals.
"But, while this provides temporary relief, it is not enough. We can't keep kicking the can down the road. We need bold action to secure regional banking services for the future."
The Katter's Australian Party (KAP) has long advocated for banking services in regional Australia, where communities face significant barriers to accessing essential services.
In 2023, the KAP's state and federal MPs successfully pressured one of the big four to reverse regional branch closures.
Mr Katter has a long history with the banks, being one of two ministers responsible for the success of the State Bank of Queensland (SBQ) and the Queensland Industry Development Corporation (QIDC).
"In Australia, we have this thing called recourse lending. If you go broke, not only have you lost your house and the money you put into it, but for the rest of your life, you will carry that debt on your back, and the banks will hound you until the day you die. But, if it's a peoples' bank, then I am confident that would not occur."
The Member for Kennedy has previously called for establishing a true government-owned or postal bank, which would be a reliable option for Australians in regional and remote areas.
"This is not just about preventing closures; it's about creating a system that works for everyone, no matter where they live. There are solutions; we just need the political will to make them happen.
"Now, we've got to ask ourselves, why are the banks scared of a peoples' owned bank?"
KAP Leader and Traeger MP Robbie Katter welcomed the government's intervention but cautioned it's only one part of the solution.
"The Federal Government's assurance the banks will be forced to maintain their bricks and mortar presence in rural and remote communities is welcome, but it's only one piece of the puzzle. What's the use of a bank branch being open in Cloncurry or Normanton if, when people walk in there to get a loan for a home or a business, they have the city-centric bank's lending appetite stacked against them?" Mr Katter said.
"By their very nature, private banks lend only on the basis that the risk they absorb will pay off in profits to their shareholders; they have no other motivation or obligation.
"A public bank - which we know can be physically facilitated through the Australia Post network that already functions partly as a bank, though not a lender, through its Bank@Post services - would be able to prioritise the Australian people who live in the non-urban places that the private banks pass over time and time again."
ENDS