Australian Citizens Party formerly Citizens Electoral Council

Create a public post office bank!

To address the growing uncertainty over the financial system, in the face of rising inflation and interest rates, the increased risk of a domestic banking crisis because of our banks exposure to the property bubble, the increasing rate of bank branch closures and threat to viability of our postal service, the Citizens Party is spearheading a campaign to establish a public post office bank.

Skip to What you can do

As part of that effort, the Citizens Party has drafted the Commonwealth Postal Savings Bank Bill, in coordination with Bob Katter MP, to establish a public postal bank similar to the way the original Commonwealth Bank started in post offices in 1912.

Importantly, the original Commonwealth Bank first proved its value as a public bank in the global financial panic of 1914, when it averted a “run” on all Australian banks by the actions of its Governor, Sir Denison Miller, who announced publicly that the Commonwealth Bank stood behind the deposits in all of the banks; consequently, the feared bank panic didn’t eventuate. (In London, which was the epicentre of the 1914 panic, the Commonwealth Bank’s London office was the only bank to remain open during the emergency.)

Like the Commonwealth Bank then, a new public post post office bank will be able to guarantee deposits and provide financial services because it is owned by the government. Put simply, governments are far, far less likely to go bankrupt than private banking corporations are, so customers of public banks can have confidence that their deposits will always be honoured and they will have access to banking services.

MEDIA

1 Feb 2023 - Yahoo Finance AU - CBA closing last branch in small town but residents are fighting back
The town of Junee will lose its only bank when Commonwealth Bank closes its doors in March. ... Read On

31 Jan 2023 - WIN News Riverina - VIDEO - Junee could lose its only bank
Business owners and council are calling for a moratorium on bank closures and a parliamentary inquiry into whether the banks' self-regulation is in the best interest of communities. ... Watch Now

31 Jan 2023 - Ch.9 TODAY SHOW - VIDEO - Small town's only bank set to close its doors for good
Thousands of residents in a regional NSW community could soon be left with no bank branch in town with the last Commonwealth Bank set to close its doors for good in March. ... Watch Video

31 Jan 2023 - AAP - Towns putting up a fight as banks close
The Riverina town of 6500 is locked in a David and Goliath fight with the Commonwealth Bank, which announced it was closing Junee's last bank in September. ... Read On

10 Jan 2023 - The Naracoorte Herald - The steady closure of banks and diminishing face-to-face branch services is the beginning of the end?
Bank closures in country South Australia are heralding the inevitable - no branches within the next decade, Opposition leader David Speirs says. ... Read On

5 Jan 2023 - Nassim Khadem ABC News - Australians are hoarding more banknotes but how far away is a cashless society in a digital world?
For many migrant communities across Australia, cash is still king. ... Read On

3 Jan 2023 - The Weekly Times - Regional bank closures: Junee mounts a fight against CBA branch shutting
Junee is rallying other towns to join in the fight against rural bank closures after securing a three-month stay of execution for its last remaining bank. ... Read On (Note: article is behind paywall)

3 Jan 2023 - Junee Shire Media Release – Proposed Closure of Commonwealth Bank
The Junee Shire Council Mayor Neil Smith said the bank closure was pushed back to March 3, after they found CBA did not give the appropriate amount of notice. ... Read On

28 Dec 2022 - The Weekly Times - Bush banks closing at alarming pace
Rural bank closures have accelerated in the past three months, independent research has found. ... Read On (Note: article is behind paywall)

21 Dec 2022 - ABC Illawarra (radio) - Interview with banking expert Martin North on the regional branch closures
This is a radio segment from ABC Illawarra where Martin North discussed the branch closure issue, his recent research, and why the big banks are putting up a digital smokescreen story to cover deep cost cutting, despite the focus on regional branch closures which will strangle local communities. Watch/Listen to Interview on YouTube

19 Dec 2022 - ABC 730 - VIDEO - Australian towns are fighting to hold on to their local bank branches
While growing numbers of Australians are doing their banking online, for many isolated regional communities, the local bank remains a vital service. ... Watch Video

2 Dec 2022 - The Echo (Byron Bay) - Editorial – Wokie dokey
Last Thursday’s Council meeting was an example of when a good idea gets kiboshed because the people proposing the idea are considered crazy conspiracy theorists. ... Read On

28 Nov 2022 - ABC North and West SA - Westpac closure leaves SA's Coober Pedy 'high and dry' without a bank, with closest facility six hours away
The remote town of Coober Pedy, which relies on large amounts of cash for its opal mining and tourism industry, is set to lose its only bank next year. ...Read On

14 Oct 2022 - The Daily Advertiser - Councillor Richard Foley to propose council support plans for government-owned bank at council meeting
A Wagga councillor is calling for a public bank to be established by the federal government in response to unrelenting regional bank branch closures. ...Read On (Note: article is behind paywall)

3 Sept 2022 - The Canberra Times - Momentum gathering for post office bank in wake of the Banking Royal Commission
In highly corporatised Japan, an odd and unusual phenomenon exists within its finance sector. It's called the Japan Post Bank; a government-run banking system based within the country's 24,000 post offices and for over 147 years, one of the largest, most stable and respected financial institutions in the world. ...Read On (Note: article is behind paywall)

What you can do

This grassroots campaign is absolutely a fight we can win, not least because a postal bank is already a popular idea in Australia.

In Parliament it is supported by Katter’s Australian Party (KAP), Pauline Hanson’s One Nation (PHON), the Greens, and likely the National Party (at least most Nationals). Prominent members of both the Labor and Liberal parties also support the policy. The post office unions, including the Communications Workers Union (CWU) and its parent the Communications, Electrical, and Plumbers Union (CEPU), support a postal bank, as do the LPOs represented by the Licensed Post Office Group. See further information for more details of this support.

The goal of this campaign is to unite the existing support, and recruit more support, around the Commonwealth Postal Savings Bank Bill, to make this a front-line political issue and get the bill passed. It is up to the citizens of Australia to spread the word and build the support. This is how you can help:

1. Get this information into your community. Click on the image to Download PDF for printing or attaching to email.

Postal bank information PDF  Commonwealth Postal Savings Bank Bill 2021 and Explanatory Memorandum  27 July 2022 - How a public postal bank would work in Australia

Call 1800 636 432 if you would like to order physical copies and have them sent to you.

Some suggested places you can take one the information:

  • Local post offices
  • Local Federal and State Members of Parliament
  • Local Councils and Chambers of Commerce
  • Union representatives
  • Community leaders, clubs and organisations
  • Local businesses, especially those operating in shopping strips or immediate proximity to their local post office or in areas that have lost their local bank/s
  • Anyone who values and relies on their local post office, especially their banking services.

2. Contact Elected Representatives

Share on social media:
facebook icon twitter icon linkedin icon

Postal Savings Bank
Australia Post
Banking / Finance
Economy / Trade
Page last updated on 01 February 2023

Campaign Updates

27 Jul 2022
Australia needs a public (i.e. government-owned) bank, like the original Commonwealth Bank, which served Australia from 1912 to 1996. Since the Commonwealth Bank was privatised, joining the “Big Four” banking oligopoly, the major banks have raked in record profits, while:
  • Postal Savings Bank
18 Jul 2022
Tell your MP this week: Australia needs a post office ‘people’s bank’ Parliament starts on 26 July, and whatever agenda the new government has planned, it will increasingly be overtaken by the cost of living crisis in the economy.
  • Postal Savings Bank
29 Jun 2022
Bank branch closures have cut off hundreds of communities, especially in regional Australia, from essential financial services. There is now a national fightback to save our communities by establishing a public banking alternative to operate through post offices.
  • Postal Savings Bank
25 May 2022
Start contacting your local councils to urge their support for a public post office bank that will guarantee local banking services and force the Big Four banks to compete.
  • Postal Savings Bank
27 Apr 2022
LPO Group’s election call for a post office bank is a solution to the mass-closure of regional bank branches. How will the major parties, especially Barnaby Joyce and the Nationals, respond?
  • Postal Savings Bank
15 Feb 2022
Join the grassroots campaign to recruit all parties to support the Commonwealth Postal Savings Bank Bill.
  • Postal Savings Bank
7 Feb 2022
A postal people’s bank is clearly both in Australia’s national interest, and is the long-term solution for Australia Post.
  • Postal Savings Bank
  • Banking / Finance
9 Dec 2021
A few months out from an election presents a unique opportunity to force real solutions on to the political agenda. In contrast to the divisive policies that the major parties fight over on behalf of their respective vested interests, there are policy solutions that all Australians can recognise would benefit everybody.
  • Postal Savings Bank
  • Australia Post
24 Nov 2021
  By 18 December, flood the government’s Regional Banking Taskforce with submissions calling for a postal bank.
  • Postal Savings Bank
  • Australia Post
  • Banking / Finance
13 Jul 2021
All Australians must watch the Citizens Party’s latest Citizens Insight YouTube interview, with Licensed Post Office Group Executive Director Angela Cramp, called “The untold story of the Australia Post scandal”.
  • Australia Post