Alternative means of providing banking and like services in regional Australia
Media Releases

Media release, 29 April 1998

MOVING IN WHEN THE BANKS MOVE ON

The House of Representatives Financial Institutions Committee will be discussing alternative means of providing banking services to rural and remote communities with Elders Ltd, the South Australian Farmers Federation and the Goyder Credit Union Working Party in Adelaide on Thursday 30 April.

Mr David Hawker MP, Chairman of the Financial Institutions Committee, said "In the course of the Committee's inquiries we have been told of some interesting proposals by non-bank institutions which have the potential to assist in the provision of financial services to rural and remote areas."

"Elders Ltd has a long history of providing specialist finance to rural Australia, being one of the original pastoral finance companies. We are interested in the proposal that the Elders distribution network could facilitate the delivery of additional banking type services, either as a principal or as an agent for other financial institutions. The Committee is keen to hear from Elders on this proposal. With their expertise in rural finance, and the agricultural industry in general, the Committee welcomes Elders' contribution."

"The Elders proposal is in a similar vein to those recently put forward to the Committee by the Pharmacy Guild of Australia and the Tasmanian Independent Wholesalers. Clearly, some organisations are seeing an opportunity and are ready to fill the gaps left by the withdrawal of the major banks from the bush."

"We will also be talking to the South Australian Farmers Federation and the Goyder Credit Union Working Party which will provide the Committee with a good picture of the difficulties faced by rural and remote communities in South Australia and will be of great benefit to the inquiry."

Mr Hawker added "Through its inquiries, the Committee has been very successful in raising the profile of this issue in both the general community and in the finance industry. Recent developments, such as the Colonial State Bank's franchise scheme and the NAB's proposed 'Bureau de Change', show that alternatives are available. The Committee is keen to ensure that communities in regional and remote Australia have reasonable access to financial services."

Release ends //29 April 1998

Further information:
David Hawker MP (Chairman) 03 - 5572 1141
Christopher Paterson (Secretary) 02 - 6277 4587
e-mail: EFPA.Reps@aph.gov.au

PROGRAM FOR VISIT TO ADELAIDE
Thursday, 30 April 1998

Public Hearing
Room No.1
1st floor
Commonwealth Centre
55 Currie St
Adelaide

• 9.00am - 9.45am South Australian Farmers Federation
• 9.45am - 10.30am Elders Ltd
• 10.30am - 11.15am Goyder Credit Union Working Party

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