Last Friday, the RRAT Senate committee released recommendations from the inquiry into the closure of branches in the regions.

This has been one of most important Senate inquiries of recent years and the response to it was enormous.

People are incredibly concerned about losing access to bank branches for a variety of reasons. It is incredibly important that bank branches remain open as banking is an essential service that the government has a responsibility to provide.

I am pleased to say that the committee recommended that the Australian Government commission an expert panel to investigate the feasibility of establishing a publicly owned bank. In investigating this, the panel should examine options including, but not limited to a stand-alone public bank or one associated with, and using the branch network of Australia Post.

Rather than Post Offices doing the work of the private banks for a pittance, the Post Office can use the RBA payments system to offer banking facilities owned by the government.

The Post Office Bank can eventually grow into a fully fledged one stop financial services hub that offers deposit accounts, loans, insurance and superannuation accounts underpinned by branches across Australia.

Can I thank everyone who made submissions to the inquiry, my Senate Colleague Senator Matthew Canavan for his excellent work as chair of the committee, Robbie Barwick for his tireless advocacy and acknowledge Senator Linda White, a member of the Committee who passed away earlier this year.

The full report and recommendations can be accessed here.