Residents in Victoria Point and Capalaba are facing the reality of dwindling banking services as yet another branch shuts its doors, adding to a growing list of closures that have left the community with fewer face-to-face options.
The most recent closures, which have happened steadily since 2020, include branches from the Commonwealth Bank and People First Bank, leaving many locals forced to travel further or rely on online banking. According to industry figures, more than 180 branches have closed across Queensland in the past five years, with regional and outer suburban areas, such as Victoria Point and Capalaba, hit hardest.
Banks Cite Digital Shift
Bank representatives have stated that these changes are a result of more customers opting for digital services over visiting a local branch. Commonwealth Bank has confirmed that, while demand at smaller suburban branches continues to decline, it plans to keep regional branches operational at least until mid-2027. People’s First Bank has also stated that almost all its customers now bank online or through call centres, and fewer than one percent of its transactions occur inside a branch.
A spokesperson for the Bank of Queensland added that the group is reallocating resources to other areas where more people visit, and that the closures are part of a plan to match demand where it is growing.
Local Union and Community Concerns
The Finance Sector Union has argued that these closures come at a cost to staff and locals who prefer or need to bank in person. Union leaders said people working at closed branches are often forced to find new jobs or face long commutes to other locations. The union believes the continued branch cuts put older customers and those without easy internet access at a disadvantage.
Despite the closures, the Commonwealth Bank has announced upgrades to its remaining branches and ATMs, including spending $100 million this financial year to keep services running where they are most needed. Banks have also pointed to options like Bank@Post, where customers can do basic banking at Australia Post outlets.
Victoria Point and Capalaba Residents Adjust
Locals in Victoria Point and nearby Capalaba now have to travel further to access a teller. Some residents worry that this could also harm nearby shops, as fewer people visit shopping centres solely for banking. People are being encouraged to learn how to use online tools, phone banking, or postal services for everyday transactions.
The Finance Sector Union has called for better protections to keep more branches open, but major banks say the shift to digital is not slowing down. For Victoria Point, the closures mark another sign of how banking in Australia is changing—and how local suburbs must adapt.
Published 4-July-2025
