CommBank branch closure in Lake Macquarie sparks criticism

Federal MP Dan Repacholi has criticized Commonwealth Bank (CommBank) following the announcement that its Toronto branch in Lake Macquarie will close on December 4. Repacholi described the decision as an “absolute disgrace,” accusing the bank of prioritizing profits over people.

CommBank, Australia’s largest financial lender, reported a cash net profit after tax of $10.9 billion for the 2025-26 financial year. Repacholi noted that despite these high earnings, the bank is closing regional locations, including the Toronto branch and others in Sydney and Wollongong. He expressed concern for pensioners, older residents, and small businesses who depend on face-to-face banking services.

The bank confirmed the closure and stated that staff will be transferred to nearby branches. While the physical branch will close, CommBank plans to maintain an ATM in Toronto and will allow customers to use Bank@Post services at the local Australia Post. The bank also noted it is investing nearly $6 million across Newcastle and Lake Macquarie this financial year.