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Economic development

Westpac Reverses Regional Branch Closures with Focus on Regional Development

Strategic Insights

— 1 min read

Westpac, Australia's oldest bank, is reversing its regional branch closures trend by focusing on supporting regional development and agriculture. Under the leadership of CEO Anthony Miller, the bank has recognized the value of family farms as excellent risk managers and is actively working to rebuild its presence in rural areas. The bank's efforts include the relaunch of a main street service centre in Moree, NSW, and plans to return to Leongatha, Victoria, and Smithton, Tasmania, in 2026. Westpac aims to achieve thoughtful support for regional Australia and commercial growth, while also improving productivity by supporting the regions.

Key Takeaways:

  • Westpac has achieved 21% growth in its local agribusiness lending book in 2024-25, with a focus on family farms and regional development.
  • The bank has increased its share of the farm lending segment by 1% to 14%, with a strong focus on supporting owner-operators.
  • Westpac's CEO, Anthony Miller, has acknowledged the bank's previous mistakes in regional branch closures and is committed to rebuilding its presence in rural areas.
  • The bank is creating 150 new business banking jobs in regional areas over the next three years as part of its regional expansion plans.
  • Westpac's submission to the economic summit highlighted the potential for productivity growth by supporting regional Australia and commercial growth.
  • The bank sees family farms as "resilient, innovative, and best risk classes in the marketplace," with CEO Miller expressing trust in their ability to manage their businesses effectively.

Statistics:

  • 96% of customer transaction activity was carried out online, according to Westpac's CEO, Anthony Miller.
  • Westpac's agribusiness lending book grew by 21% in 2024-25.
  • The bank's share of the farm lending segment increased by 1% to 14%.
  • 150 new business banking jobs will be created in regional areas over the next three years.

Sources:

  • "Westpac reverses regional branch closures with focus on regional development" by Andrew Marshall
  • Westpac's submission to the economic summit

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