Giving Australia Post the role of operating a people’s bank to take on the big four would be a mistake.
The bloated government owned retail network of 865 corporate Australia Post stores disregards the Act under which it operates and is protected by and uses its monopoly to take business from small businesses like newsagencies.
Giving them a banking business would be an invitation for them to reach even further than they do today and to take more business from small business.
Australia Post apologists say that the network needs new products to keep it operating. I’d say who cares? Let the government owned stores close. Move to a 100% independently owned and licenced network. This makes the network operate in a more competitive situation than today.
Every day, the federal government takes sales from independent small businesses like newsagencies because of the protection offered by politicians who do not really care about small business.