EXPANSION OF BANKING SERVICES TO REGIONAL AUSTRALIA ABA applauds Federal Government's giroPost roll-out Sydney, 14 August, 2001; The Australian Bankers' Association (ABA) today welcomed Australia Post's roll-out of giroPost to a further 100 locations in regional Australia. ABA Chief Executive, David Bell, said this Federal Government initiative will give regional Australia much greater access to banking services through the giroPost network in which nine banks and 60 other financial institutions participate. "The giroPost expansion means that regional Australia will have more points of presence where face-to-face banking services can be conducted," Mr Bell said. "This initiative will be particularly important for small towns, extending access to basic banking services to 100 towns in regional Australia which have populations less than 500. "As it stands now, data collected by the ABA indicated virtually all locations in regional Australia, with populations greater than 500 are within 20 kilometres of face-to-face banking services." "GiroPost allows customers to access participating banks which provide services such as cash and cheque deposits, withdrawal of cash and the obtaining of account balances." "In addition, some banks are now working with Australia Post to implement giroPost services for regionally-based small businesses who have large cash transactions to be handled." Mr Bell said banking services are provided in giroPost outlets in Australia Post Offices and franchises, and other businesses, such as newsagencies. "Let's not overlook what this initiative means for the bottom line of the 100 businesses that will be providing the giroPost service. A financial service franchise like giroPost underpins at least one small business in nearly every small town in regional Australia, " he said. "This Federal Government initiative recognises the fine balance of commercial sustainability that exists for the provision of financial services in small towns. Towns that already have access to financial services, such as a branch or a bank agency arrangement, may not be eligible for this subsidised giroPost service." Mr Bell said electronic and telephone banking have proven to be a tremendous benefit in overcoming the Ôtyranny of distance' faced by many remote communities, and the use of ATMs, EFTPOS, telephone and Internet banking continues to grow. "While ninety percent of all banking transactions are now done electronically, banks recognise that for some customers the new technology may be a daunting prospect and there may be a preference to deposit and withdraw cash directly over a counter, " Mr Bell said. "The giroPost initiative will give those customers opportunities to conduct their banking in this way, " he said. Notes to editors: GiroPost is a personal banking service offered at Australia post on-line outlets. Participating banks include: Adelaide Bank, BankWest, Bendigo Bank, Citibank, Commonwealth Bank of Australia, HSBC Bank, Members' Equity Bank, National Australia Bank, St George Bank. Citibank and Members' Equity Bank are not members of the Australian Bankers' Association. GiroPost allows customers to undertake a variety of financial transactions including deposits, withdrawals, account balance inquiries, account opening and payments for credit card bills. "The Australian banking industry hopes the legislation can be re-visited in the future, as it remains important for increasing competition between superannuation funds and enhancing efficiencies. This is crucial when saving for retirement because a reduction in fund management costs could translate into higher returns for consumers and the benefits compound." For Further Information Contact:   Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439   ENDS