While cash still circulates around the Australian community, cash management facilities like bank branches and ATMs should be considered to provide an essential service, a Senate committee has heard.
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The committee, which is holding an inquiry into regional bank closures, visited Launceston for a full-day hearing on Thursday.
Tasmanian Women in Agriculture vice chairwoman Dianne Barr told the committee banking was essential for rural and remote communities to both survive and thrive.
"Loss of banks adds to the loss of professionals in a small community and this has knock on effects," she said.
"Banking like pharmacy, medical, education and postal services is essential."
Tasmanian Women in Agriculture have proposed a universal service obligations should be included in banking licences.
This proposal was also submitted to the Senate committee by the Tasmanian Small Business Council executive officer Robert Mallett on Tuesday.
"Banking is an essential service and these services must include at a minimum cash-handling facilities," he said.
"The gradual erosion of this essential service brings trade and commerce to a standstill.
"Small businesses in all communities, especially in regional areas, continue to report that cash transactions remain an essential offering for customers."
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Political reporter for Australian Community Media, based in Hobart.
Political reporter for Australian Community Media, based in Hobart.
