Three major Australian banks have signed fresh agreements with Australia Post to continue offering in-person banking services.
Commonwealth Bank, NAB and Westpac have signed updated “in-principle” deals for the use of Bank@Post at 3400 Australia Post offices across the country.
The three banks pay close to $90 million a year to offer basic banking services for their customers, particularly in rural and vulnerable communities.
Australia Post said today negotiations with ANZ to offer its customers post office banking were at an “advanced stage”.
The deal would see ANZ bank customers able to access Bank@Post by October 2025.
Macquarie Bank and HSBC have also commenced negotiations with Australia Post.
Australia Post said the new agreement with Commonwealth Bank, NAB and Westpac will introduce “standardised services” for customers.
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“The improved arrangements and ANZ’s membership help ensure Bank@Post is on a more sustainable financial pathway and that Australia Post can continue providing essential banking services in the many communities where there are no other banking services available,” Australia Post chief executive and managing director Paul Graham said.
“The new agreements will also help maintain the sustainability of thousands of Licensed Post Offices, many of which are small businesses run by families who play an essential role in servicing their local communities.”
Angela Mitchell, a member of Australia Post’s Licensee Representative Council, said postal banking was a crucial service for isolated communities with limited access to cash.
“We understand the critical role we play in delivering Bank@Post for our customers,” she said.
It comes as major banks in Australia agreed to extend the moratorium on branch closures until 2027.
The Australian Banking Association (AMA) said the extended ban was a bid to preserve bank access to rural customers.
“This is a major commitment to keep regional branches open and available to customers,” ABA chief executive Anna Bligh said.
“Banks are ensuring Australians can continue to access high-quality banking services no matter where they live.
“While Australians continue to shift to digital banking and payment platforms, banks recognise some customers still prefer face-to-face services.”
