The chief of Australia Post has repeatedly denied the beleaguered government-owned enterprise is plotting with the government to become a commonwealth-owned bank that would compete directly against the Big Four to stave off ballooning losses from its unprofitable letters business.
Fronting senate estimates on Thursday, Australia Post CEO Paul Graham was pursued by the opposition over the Community Hub at Post model, which essentially substitutes a beefed-up post office with over-the-counter banking and cash services to replace what banks that have skipped town used to offer.
A number of community advocates have been pushing for Australia Post to enter the retail banking market as a fully-fledged deposit-taking institution (ADI) to stick it to the Big Four, after major banks rapidly shuttered once extensive branch networks over the last few years, decimating the main streets of many towns in the process.
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