Treasurer Jim Chalmers has reassured Australians they won’t lose access to cash as Linfox’s Armaguard faces financial problems, after he and Prime Minister Anthony Albanese held crisis talks with the cash distribution company.
The government wants Armaguard, together with the country’s major banks and retailers, to work out a private-sector solution to mounting losses for the cash distribution industry caused by a plunge in the use of cash by consumers.
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Tom McIlroy is the Financial Review’s Canberra bureau chief based in the press gallery at Parliament House. He was previously the AFR’s political correspondent. Connect with Tom on Twitter. Email Tom at thomas.mcilroy@afr.com
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
