CommBank closes Lake Macquarie branch despite nearly $11 billion profit
CommBank will close its Toronto branch in December despite posting $10.9 billion profit, up 7 per cent.
Commonwealth Bank is closing its Toronto branch on The Boulevarde in Lake Macquarie on December 4. The bank earned $10.9 billion in cash profit for the 2025-26 financial year, up 7 per cent from the previous year, yet the closure removes face-to-face banking from the region.
Hunter MP Dan Repacholi criticised the decision as profits before people, pointing out that CommBank makes about $30 million daily. The move affects pensioners, older residents and small businesses who rely on in-person banking.
CommBank plans to keep an ATM in Toronto and offer Bank@Post services nearby. Staff will transfer to nearby Glendale, Belmont and Morisset branches.
The closure follows recent job cuts at NAB and Westpac.
- December 4
- Toronto branch closes
- 10.9 billion dollars
- Cash profit 2025-26
- About 30 million dollars
- Daily profit
- About a quarter
- Market share
Why it mattersBank branch closures remove banking services from regions where older people and small businesses depend on face-to-face contact, while major banks report record profits.
AustraliaLake Macquarie residents lose a physical banking location; pensioners and those without digital access will need to travel to other branches or use limited ATM services.
✓ Claims checked against the source. checked 2 h ago
Open this story in InSnip →
