House of Representatives Committees

Standing Committee on Economics, Finance and Public Administration

Alternative means of providing banking and like services in regional Australia
Media Releases

Media release, 25 March 1998

PHARMACIES OFFER TO PROVIDE BANKING SERVICES

The Pharmacy Guild of Australia will appear before the House of Representatives Financial Institutions Committee's Regional Banking Inquiry in Canberra on Thursday.

At a public hearing the Pharmacy Guild will outline the possibility of pharmacies offering financial services through the National Pharmacy Intranet. The Guild believes this "could provide a virtual private network of banking outlets covering every regional and remote location in Australia".

David Hawker MP, Chairman of the Committee, said "The establishment of bank agencies and franchises within small businesses, particularly in small rural communities, is increasingly seen as an alternative to traditional banking services. The proposal put forward by the Pharmacy Guild has the potential to ensure that rural customers are not denied access to basic financial services."

"An important issue in this inquiry is the extent to which agencies and franchises can effectively fill the gaps left by the withdrawal of traditional banking services from rural and remote areas."

The Pharmacy Guild is suggesting that the Pharmacy Intranet be utilised to provide a range of financial services, a move which will particularly benefit small communities which have suffered the withdrawal of banking services. When fully developed the Pharmacy Intranet is intended to electronically link all 5000 community pharmacies throughout Australia.

The Committee expects to canvas a range of issues with the Pharmacy Guild including privacy and security concerns, the proposed services to be offered, the costs involved in setting up the system and the level of Government and financial industry involvement.

Release ends
25 March 1998

Further information:
David Hawker MP (Chairman) 02 - 6277 4837
Janet Connaughton (Inquiry Secretary) 02 - 6277 2375
e-mail: EFPA.Reps@aph.gov.au

PUBLIC HEARINGS PROGRAM - CANBERRA

26 March 1998

House of Representatives
Committee Room 2R2 Parliament House
CANBERRA

Thursday 26 March 1998

10.15am - 11.15am - Pharmacy Guild of Australia

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