Major banks, supermarkets and Australia Post have won permission to work together on contingency plans for the teetering cash-in-transit business should their current provider, Lindsay Fox’s Armaguard, stop services.

Armaguard is the nation’s only major provider of cash transit services after it merged with the local arm of Spain’s Prosegur last year. However, it has been sitting on the brink of failure for most of the year, hamstrung by the quick decline in cash use since the COVID-19 pandemic and the rise of electronic payments.