Australian Banks Have Shuttered 400 Branches and 700 ATMs in the Past Year

Nearly 60 percent of all ATM machines have been closed since 2017.

Commuters walk past an ANZ Bank branch in Martin Place in Sydney, Australia, on June 7, 2022. Brendon Thorne/Getty Images

Australians have lost hundreds of bank branches and ATMs over the past year, sparking concerns from campaigners that the transition to a cashless society will ultimately disadvantage consumers.

New statistics from the Australian Prudential Regulation Authority (APRA) showed 424 physical bank branches and 718 automatic teller machines (ATMs) had been shut.