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Banks close hundreds of branches and ATMs last financial year: APRA

Laine Gordon avatar
Laine Gordon
- 7 min read
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More than 1,600 bank branches closed nationally in the last five years, with 230 branches shut in the last financial year alone, as customer move their transactions online.

The latest APRA Points of Presence data for June 2024, released today, shows the number of branches has dropped by 6 per cent in the space of a year (30 June 23 – 30 June 24), and by 32 per cent in the last five years. 

The number of ATMs has also continued to fall, decreasing by 217 (4%) in the last financial year. ATM numbers have more than halved in the last five years, with 6,084 fewer available (-53%). 

This trend comes as Australians increasingly ditch cash in favour of digital banking. The latest RBA consumer payment survey showed cash accounted for just 13 per cent of the number of all payments in 2022, less than half of what it was just three years before (27% in 2019). 

‘High cash users’, who use cash for 80 per cent or more of their in-person transactions, represented around 7 per cent of Australians in 2022 – a number that, according to the RBA, has also halved since 2019. 

That said, cash usage, while dropping, is not dead in the water. The latest RBA statistics show in the month of August 2024, a total of $8.9 billion was withdrawn from ATMs across Australia in more than 29 million transactions in seasonally adjusted terms.

APRA Points of Presence: branches

The number of branches in NSW has dropped by 78 over the last financial year, however, as a percentage change, the biggest drop was recorded in WA (-9%).

Westpac recorded the largest drop in the number of branches out of the big four banks, closing 66 branches in the last financial year. However, in percentage terms, Westpac, NAB and ANZ all closed 11 per cent of their ATMs. 

Australia’s largest bank, CBA, recorded the lowest number of closures in percentage terms at 4 per cent. 

Number of branches per state and territory

Number: June 2024

Annual change (number, %)

Change from

5 yrs ago

(number, %)

NSW

1,115

-78, -7%

-540, -33%

VIC

776

-56, -7%

-439, -36%

QLD

732

-47, -6%

-285, -28%

SA

243

-13, -5%

-115, -32%

WA

308

-31, -9%

-159, -34%

TAS

84

0, 0%

-33, -28%

NT

46

0, 0%

-6, -12%

ACT

54

-5, -8%

-36, -40%

Other

2

0, 0%

-2, -50%

TOTAL

3,360

-230, -6%

-1,615, -32%

Source: APRA points of presence, June 2024, released 16 Oct 2024. Other includes Jervis Bay Territory and the external Territories of Christmas Island and Cocos (Keeling) Islands.

Number of branches by remoteness in Australia

Number: end FY2024

Change from previous yr

Change from

5 yrs ago (number, %)

Major cities

1,872

-178, -9%

-1,176, -39%

Inner regional

841

-29, -3%

-284, -25%

Outer regional

517

-15, -3%

-123, -19%

Remote

91

-5, -5%

-19, -17%

Very remote

39

-3, -7%

-13, -25%

Source: APRA points of presence, June 2024, released 16 Oct 2024.

Big four branches

Number: June 2024

Annual change (number, %)

Change from

5 yrs ago

(number, %)

CBA

696

-32, -4%

-318, -31%

Westpac

517

-66, -11%

-435, -46%

NAB

420

-53, -11%

-236, -36%

ANZ

305

-39, -11%

-275, -47%

Source: APRA points of presence, June 2024, released 16 Oct 2024.

APRA Points of Presence: ATMs

The total number of ATMs in Australia dropped by 217 in the last financial year – a decline of 4 per cent. 

Compared to FY2019 there were 6,084 fewer ATMs, a drop of 53 per cent.

The biggest annual drop was recorded in the major cities (-5%), with ACT recording the biggest annual drop in percentage terms (-8%).

The big four banks’ ATMs have been free to all Australians since 2017, however, collectively the number of these ATMs continues to drop. The latest APRA data shows the number of big bank ATMs has reduced by 4 per cent in the last financial year and 51 per cent since June 2019.

Number of ATMs per state and territory

Number: June 2024

Annual change (number, %)

Change from 5 yrs ago (number, %)

NSW

1,758

-93, -5%

-2,048, -54%

VIC

1,504

-36, -2%

-1,417, -49%

QLD

1,074

-41, -4%

-1,210, -53%

SA

374

-16, -4%

-371, -50%

WA

480

-30, -6%

-688, -59%

TAS

109

0, 0%

-153, -58%

NT

95

+6, +7%

-65, -41%

ACT

81

-7, -8%

-132, -62%

Other

1

0, 0%

0, 0%

TOTAL

5,476

-217, -4%

-6,084, -53%

Source: APRA points of presence, June 2024, released 16 Oct 2024. Other includes Jervis Bay Territory and the external Territories of Christmas Island and Cocos (Keeling) Islands.

Number of ATMs by remoteness in Australia

By remoteness area

Number: end FY2024

Annual change (number, %)

Change from

5 yrs ago

(number, %)

Major cities

3,633

-185, -5%

-4,641, -56%

Inner regional 

1,068

-20, -2%

-942, -47%

Outer regional

619

-10, -2%

-423, -41%

Remote 

98

-3, -3%

-55, -36%

Very remote 

58

+1, +2%

-23, -28%

Source: APRA points of presence, June 2024, released 16 Oct 2024.

Big four bank ATM numbers

Number: end FY2024

Annual change (number, %)

Change from

5 yrs ago

(number, %)

CBA

1,916

-40, -2%

-1,507, -44%

Westpac

829

-88, -10%

-1,372, -62%

NAB

733

-44, -6%

-192, -21%

ANZ

866

-4, -0.5%

-1,447, -63%

Source: APRA points of presence, June 2024, released 16 Oct 2024.

Bank@Post continues to be an important option

The number of ‘other face-to-face’ points of presence, as categorised by APRA, which includes Bank@Post services, also declined in the last financial year. 

Bank@Post is a service provided by Australia Post outlets where customers can perform basic banking services, such as depositing and withdrawing cash, if their bank participates in the scheme.

However, the APRA data shows there was a 2 per cent drop in the number of these points of presence over the last financial year, and a 4 per cent drop in the last five years.

RateCity.com.au money editor, Laine Gordon, said: “Banks have closed hundreds of branches and ATMs nationally in the last financial year, as Australians ditch cash and move to digital banking.”

“Latest figures from APRA show close to one-third of branches have shut in the past five financial years, while more than half of ATMs have closed in that time,” she said. 

“As more people choose to do their banking online, or from an app on their phone, banks have had to reassess their points of presence.

“Some banks tapped into existing facilities such as third-party ATM networks and Australia Post branches to provide customers with access to basic banking services. 

“Customers who relied on a branch or ATM could be comforted by the fact that if they needed to deposit or withdraw cash they could head to their nearest post office. However, this data shows 130 Bank@Post services were closed in the past five years, including 63 in the last financial year.

“While most Australians don’t live off cash alone, we aren’t a cashless society just yet. Latest RBA statistics show $8.9 billion is withdrawn on average from ATMs nationally every single month

“Banks provide an important service in regional and remote areas, however, in many cases banks are walking away from these services as they become increasingly unprofitable,” she said.

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