A Senate committee has recommended establishing a publicly owned bank and making the Banking Code of Conduct mandatory after the recent wave of bank closures across Australia.

The code would require banks to consult with communities before closing a branch and go through an approval process.

Australian Citizens Party Research Director Robert Barwick told Oliver Peterson on Perth Live the idea of a public bank is an important way to put the private ones on notice.

“I’m not happy with the service from the banks at the moment but I’m very happy at the service from the senate inquiry,” Barwick said.

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