'Absolute disgrace': Repacholi gives bank both barrels over branch closure

by · Newcastle Herald
Dan Repacholi said it was a case of putting profits before people. Picture by Marina Neil, file

Hunter MP Dan Repacholi said CommBank's decision to close one of its Lake Macquarie branches was an "absolute disgrace" and an example of "profits before people".

A spokesperson for CommBank (CBA) confirmed its Toronto branch on The Boulevarde would close on December 4 but did not answer the Newcastle Herald's question as to why.

Mr Repacholi's federal electorate of the Hunter includes Toronto, and the former Olympic shooter took to social media on Friday to give CommBank both barrels over its decision.

"The Commonwealth Bank loves telling everyone it's about people first, not profits," Mr Repacholi said. "Well, their actions tell a different story."

CommBank is Australia's largest financial lender and holds about a quarter of the market.

In August it reported a cash net profit after tax of $10.9 billion for the 2025-26 financial year, up seven per cent from the previous year.

"This mob made nearly $11 billion in profit last financial year," Mr Repacholi said. "That's $30 million a day.

"And apparently that's still not enough to keep a regional branch open.

"What about our pensioners, older residents and small businesses who rely on face-to-face banking?

"Not everyone wants or can do their banking on a bloody phone."

Two CBA branches in Sydney and one in Wollongong are also scheduled to close.

CommBank plans to keep an ATM in Toronto, and customers can access Bank@Post at the Australia Post on The Boulevarde.

Staff at Toronto are being transferred to nearby branches.

"Our Glendale, Belmont and Morisset branches are popular banking centres for the Lake Macquarie community, and as a result we're investing almost $6 million across Newcastle and Lake Macquarie this financial year, including recent works at Hamilton, Cessnock and an ATM refresh at Morisset commencing next month," a CBA spokesperson said.

"These are branches with more staff at each location, including home lending specialists, business bankers, and access to convenient self-service technology.

"We remain committed to maintaining the largest branch network in the country and warmly welcome our Toronto customers to our nearby branches."

The Australian banking sector has been in upheaval this week. Last Tuesday NAB announced it was slashing 2500 jobs, six per cent of its workforce.

Two days later Westpac revealed it was cutting 250 jobs.