Regional communities will still be able to do most of their banking at Australia Post branches across the country after the agency penned new 10-year agreements with two of the major banks.
But while Commonwealth Bank of Australia and National Australia Bank customers now have certainty, Westpac customers are only guaranteed service for another year.
"Westpac and Australia Post have commenced negotiations around a possible new longer agreement," Australian Post said in a statement on Wednesday.
The government-owned enterprise's Bank@Post service is available at more than 3500 local post offices and is valued by regional communities and small businesses that don't have easy access to traditional bank branches.
Australia Post said the CBA and NAB deals would also support thousands of licensed post offices and their owners, many of whom are small businesses and families servicing local communities.
"Our post offices also play a critical role during natural disasters, emergencies and more recently through the COVID-19 pandemic, with access to products and services through lockdowns and travel restrictions," community and consumer general manager Nicole Sheffield said.
Australian Associated Press