This Month
Armaguard, banks seek independent price-setter for cash delivery
Resolving the cash transport drama is one step closer, with a callout this week for an expert to set contract prices – at a fair margin for Linfox.
Dimon says US recession is ‘likely outcome’ of tariff upheaval
“No one’s wishing for that but hopefully, if there is one, it’ll be short,” the billionaire chief executive of America’s largest bank said.
March
Banks campaign for cash levy to avoid Armaguard ‘monopoly’
Twenty banks spending millions each year to provide cash to country towns are forming a campaign to renew focus on the need for a regional bank levy.
Coles, RBA warning on push to guarantee Armaguard jobs
Major banks and supermarkets are warning the workplace umpire’s intervention into crisis talks to fund the cash-in-transit business would have far-reaching effects for commercial deals and competition.
Banks deploy mobile branches, generators to cyclone zone
Major banks have sent mobile banking units powered by their own diesel generators to Brisbane, after Armaguard halted cash deliveries to ATMs due to high winds.
February
Coalition nuclear ‘policy’ just a bunch of words to grab attention
Readers’ letters on LNP attacks on Climate Change Authority chairman Matt Kean, ditching cash, Larry Fink’s mortgage idea, possible fuel shortages, and Donald Trump’s true goal.
Australia should embrace a fully cashless economy
Readers’ letters on the march of electronic payments, choice in super withdrawals, government spending, high energy costs, public ownership of nuclear plants, and WA’s battery subsidy.
Cash may be gone in 10 years: RBA’s Bullock
Governor Michele Bullock says cash may only be around for 10 years. But unlike Donald Trump, she sees no role for bitcoin in central banking or payments.
Banks strike Australia Post deal to bolster rural branches
Lenders will extend moratoriums on country branch closures and have agreed to lift funding for over-the-counter services provided at post offices.
Major banks ready to carry Westpac’s Armaguard load
The banks and regulators met on Wednesday afternoon without the cash transit monopoly to work out how to replace Westpac’s unique cash distribution operation.
Westpac’s Armaguard deal complicates negotiations to save banknotes
The major banks are scheduled to meet with the Lindsay Fox-owned cash transportation business in the hope of keeping the company afloat and money circulating.
Banks and Armaguard revisit life support for cash distributor
Banks expect Armaguard to confirm its banknote distribution operation is on rocky financial footing this week, but the future of the Linfox-owned business is anyone’s guess.
December 2024
CBA backs down on withdrawal fee after Chalmers leans on Comyn
Treasurer Jim Chalmers had called the $3 charge for branch withdrawals “unacceptable”. Australia’s largest bank reconsidered.
September 2024
Carthona Capital bets on cash management start-up
Treasury management start-up Primary has ruled off a $3.5 million seed round led by Carthona Capital.
Inside the plan to rescue cash: Smart ATMs and keeping it off the road
Three months since banks threw Armaguard a lifeline, a more sustainable model for cash distribution is taking shape, including ATMs that combine deposits and withdrawals.
August 2024
Mastercard argues cash costs more than card in bid to stymie fee limit
A Boston Consulting Group report commissioned by the global payments giant has found there are plenty of “hidden” costs to using cash, which could be reduced.
Banks, supermarkets prep Armaguard contingency plans
ACCC deputy chairman Mick Keogh said it was “important that the parties continue their discussions” over cash transit services.
July 2024
US economy grew faster than expected last quarter
The US economy expanded at a 2.8 per cent annualised rate in the April-June period after rising 1.4 per cent in the previous quarter.
June 2024
Armaguard and the banks now trust each other, says Linfox chairman
There has been a big turnaround in the relationship between the cash transport monopoly and its eight biggest customers.
Armaguard secures deal with banks, supermarkets to save cash
Months after a bailout collapsed, the eight largest customers of Linfox’s Armaguard have agreed to a $50 million injection to keep cash circulating.