Bank users face extra $370m in fees to keep rural branches open

Australia’s five biggest banks would slug customers an extra $370 million in fees and interest rate increases if the government were to enforce a higher levy on them to keep rural banks funded and open, new estimates show.

The costings come just as a Senate probe into the impact of branch closures on regional communities prepares to report findings and recommendations on Friday. Committee chairman senator Matthew Canavan has repeatedly raised the prospect of a higher tax on banks to keep these branches open.